According to SoSoValue data, in the week of May 18–22, Bitcoin spot ETFs saw total net outflows of $1.257 billion, the fifth-largest weekly redemption since ETFs launched in 2024. BlackRock’s IBIT recorded net outflows of $1.008 billion in the week, accounting for 80% of total BTC ETF outflows for the week.
Bitcoin Spot ETFs: Detailed Breakdown of the $1.257 Billion Weekly Outflow
Confirmed net fund flows for each product in the week are as follows:
BlackRock IBIT posted weekly net outflows of $1.008 billion (the largest outflow this week), with cumulative historical total net inflows of $64.77 billion. Fidelity FBTC recorded weekly net outflows of $112 million, with cumulative historical total net inflows of $10.76 billion. Morgan Stanley MSBT was the only BTC spot ETF to record net inflows this week, with weekly net inflows of $1.1107 million and cumulative historical total net inflows of $234 million.
As of the time of publication on May 25, overall market indicators for BTC spot ETFs: total AUM of $98.87 billion (dropping below $100 billion this week); ETF net asset ratio (ETF market value as a share of total Bitcoin market cap) of 6.49%; cumulative historical total net inflows of $57.08 billion.
Ethereum, XRP, SOL, HYPE: Weekly Fund Flows for Four Asset Classes
Ethereum Spot ETFs (weekly net outflows of $216 million): BlackRock ETHA recorded weekly net outflows of $189 million (cumulative historical net inflows of $11.62 billion); Fidelity FETH recorded weekly net outflows of $21.0097 million (cumulative historical net inflows of $2.18 billion); BlackRock ETHB was the only one with net inflows (weekly +$5.5167 million, cumulative historical net inflows of $518 million). Total AUM for ETH ETFs: $11.84 billion; net asset ratio: 4.73%; cumulative historical net inflows: $11.62 billion.
XRP Spot ETFs (weekly net inflows of $22.04 million): Franklin Templeton XRPZ recorded weekly net inflows of $11.6978 million (cumulative historical net inflows of $390 million); Canary XRPC recorded weekly net inflows of $8.032 million (cumulative historical net inflows of $452 million). Total AUM for XRP ETFs: $1.130 billion; net asset ratio: 1.36%; cumulative historical net inflows: $1.410 billion.
SOL Spot ETFs (weekly net inflows of $15.63 million): Fidelity FSOL recorded weekly net inflows of $13.5399 million (cumulative historical net inflows of $185 million); Bitwise BSOL recorded weekly net inflows of $2.4033 million (cumulative historical net inflows of $905 million); VanEck VSOL recorded weekly net outflows of $0.5631 million. Total AUM for SOL ETFs: $971 million; net asset ratio: 1.98%; cumulative historical net inflows: $1.130 billion.
HYPE Spot ETFs (weekly net inflows of $72.38 million): Bitwise BHYP recorded weekly net inflows of $35.96 million (cumulative historical net inflows of $37.96 million); 21Shares THYP recorded weekly net inflows of $32.07 million. Total AUM for HYPE ETFs: $89.2009 million; HYPE net asset ratio: 0.68%; cumulative historical net inflows: $74.909 million.
FAQ
Which number is the $1.257 billion weekly outflow from the BTC ETF historically? When did the largest previous weekly outflow occur?
Based on SoSoValue data and market records, this week’s $1.257 billion outflow from BTC spot ETFs is the fifth-largest weekly redemption since BTC ETFs launched in 2024. The prior largest historical weekly outflow occurred around the Oct. 10, 2025 “10/10 liquidation event,” when Bitcoin sharply pulled back from its $122,574 all-time high, and BTC ETFs recorded more than $1 billion in daily outflows over a short period. This outflow happened around the estimated average cost level of ETF holders as Bitcoin approached $83,000, confirming the behavior as a technical selloff in that price range.
How should we understand HYPE ETF recording $72.38 million in net inflows in the same week as major outflows from BTC and ETH ETFs?
HYPE ETFs (Hyperliquid THYP and BHYP) both launched in mid-May 2026, and this week is in the early stage of their first full trading week. A substantial portion of the $72.38 million net inflows came from initial positioning demand for the new ETFs, rather than indicating that institutional capital systematically rotated from the Bitcoin ecosystem into HYPE. Total AUM for HYPE ETFs is currently about $89.2009 million, far below BTC ETFs ($98.87 billion) and ETH ETFs ($11.84 billion). The scale difference makes even small inflows produce a more pronounced percentage impact. Data from the prior week (May 21) already confirmed that institutional entry speed into HYPE ETFs surpassed the BTC ETF early-stage equivalent metric after market-cap adjustments (confirmed by Peter Chung, an analyst at Presto Research).
What do HYPE ETF’s net asset ratio (0.68%) and BTC ETF (6.49%), ETH ETF (4.73%) indicate in comparison?
The ETF net asset ratio measures the proportion of all spot ETF holdings’ market value to the corresponding crypto asset’s total market capitalization, reflecting the depth of institutional holdings through the ETF channel. HYPE ETF’s 0.68% indicates that institutional penetration of HYPE via ETFs is still in a very early stage, while BTC ETF’s 6.49% means that about 6.49% of the total circulating BTC is held through US spot ETFs. The gaps among these three figures mainly reflect how long each type of ETF has been launched and the maturity of each asset’s institutionalization: BTC ETFs launched in January 2024, ETH ETFs launched in July 2024, and HYPE ETFs were introduced just this month.
