Executive summary
Crypto enters the new week with a widening split beneath the surface. From May 18 to May 22, Bitcoin spot ETFs recorded $1.26 billion in net outflows, marking another billion-dollar week of redemptions after the prior week’s $1 billion exit. In addition, Ethereum ETFs lost $216 million. The risk appetite that remains is becoming more selective: XRP ETFs attracted $22 million, SOL ETFs added $16 million, and newly launched HYPE spot ETFs drew $72 million.
Bitcoin rallied from the high-$60Ks to above $82K, then faded toward the mid-$77K area as spot demand weakened, options traders added downside protection, and ETF netflows deteriorated. Macro is providing cross-currents rather than clarity. UK 30-year government yields surged to levels last seen in 1998, oil fell on renewed U.S.-Iran deal hopes, and pro-crypto Kevin Warsh was sworn in as Federal Reserve chair. The market is liquid enough to move but conviction is uneven. That is the story now.
