The mood in digital asset markets shifted decisively between May 11 and May 15. What began as a cautious pullback quickly evolved into one of the weakest weeks for bitcoin exchange-traded funds (ETFs) in recent months, driven by heavy institutional selling across several of the market’s largest funds.

Spot bitcoin ETFs recorded a net outflow of $1 billion for the week, ending six consecutive weeks of positive flows. The pressure was widespread, but a handful of products accounted for the bulk of the decline.

Ark & 21Shares’ ARKB led all outflows with $324.2 million leaving the fund. Blackrock’s IBIT followed closely, with $317.1 million in net outflows, a notable shift for a product that has often served as the market’s strongest inflow engine. Fidelity’s FBTC lost another $259 million, while Grayscale’s GBTC posted $92.8 million in outflows.

Additional weakness came from Bitwise’s BITB and Franklin’s EZBC, which shed $46.8 million and $21 million, respectively.

There were only a few pockets of resilience. Morgan Stanley’s MSBT stood out with $39.1 million in inflows, while Vaneck’s HODL and Grayscale’s BTC product added $12.1 million and $12.6 million. Invesco’s BTCO managed a marginal positive flow of $1.6 million.

$1 billion outflow hits bitcoin ETFs after six weeks of inflows.

Despite the heavy withdrawals, trading activity remained elevated throughout the week, signaling that institutional participation has not faded even as sentiment turns more defensive.

Ether ETFs faced a similarly difficult environment. Spot ether funds recorded a weekly net outflow of $255.11 million, extending a broader period of caution around the asset class.

Blackrock’s ETHA and Fidelity’s FETH consistently led the declines during the week, with several sessions marked by sizable institutional exits. Blackrock’s ETHB occasionally attracted inflows and acted as a partial stabilizer, but the support was not enough to reverse the broader negative trend.

The divergence became more apparent outside the two largest crypto assets.

Spot XRP ETFs recorded a net inflow of $60.50 million for the week, making them one of the strongest-performing categories in the broader crypto ETF market. Investor appetite remained steady across products from Franklin, Bitwise, Canary, and Grayscale, reflecting growing interest in XRP-related infrastructure and regulatory narratives.

XRP ETFs have seen steady inflows week after week.

Momentum around the proposed CLARITY Act also appeared to support sentiment. Market participants increasingly view XRP as a potential beneficiary of clearer digital asset regulation and institutional settlement adoption.

Solana ETFs also attracted consistent demand, posting net inflows of $58.12 million over the week. Bitwise’s BSOL and Fidelity’s FSOL led most of the gains, with investors continuing to position around Solana’s growing ecosystem and institutional relevance.

The week ultimately highlighted a changing dynamic within crypto ETF markets. Capital is no longer flowing uniformly into bitcoin and ether. Instead, investors are becoming more selective, rotating toward assets tied to emerging utility, scalability, and regulatory clarity.

For now, the broad institutional appetite for crypto remains intact.

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