Global crypto ETPs see $2.4B May outflows; US large caps hit

Global crypto ETPs recorded $2.39 billion in net outflows in May 2026, driven largely by redemptions from US-listed Bitcoin and Ether products. Total assets under management fell to $141.1 billion from $158.7 billion in April.

Bitcoin-linked products accounted for $2.21 billion of May’s outflows, reducing Bitcoin ETP AUM to $113.7 billion from $128.1 billion. Ether-linked products posted $523.9 million of net outflows, leaving aggregate Ether ETP AUM at $15.2 billion. Diversified multi-asset baskets recorded $11.1 million in redemptions, with AUM of $2.30 billion.

Some altcoin and new-entry products attracted money. XRP-linked products took in $141.9 million, bringing AUM to $2.47 billion. Solana products extended four months of inflows with $109.6 million, reaching $2.38 billion in AUM. Newly listed Hyperliquid funds from Bitwise and 21Shares drew $115.9 million in their first full month.

Income and staking strategies also saw net inflows. The NEOS Bitcoin High Income ETF led fund-level inflows with $141.8 million. Bitwise’s Solana Staking ETF added $79.3 million. Other funds that drew capital included Morgan Stanley Bitcoin Trust and iShares’ staked Ethereum product.

Flows were concentrated in the Americas. US-listed vehicles registered about $2.37 billion of redemptions, producing roughly $2.35 billion in net outflows for the region. Canadian-listed products provided a small offset with $19.1 million of inflows. US-domiciled ETFs held $119.2 billion in AUM, about 84.5% of the global market.

Europe posted roughly $15 million of net outflows. Switzerland and Jersey recorded inflows of $56.0 million and $38.6 million respectively, while Ireland and Sweden saw redemptions of $72.3 million and $16.1 million. Asia-Pacific had about $22 million of net outflows, led by $19.0 million in Hong Kong.

Currency-denominated flows followed geography. USD-denominated products posted $2.40 billion of net outflows and held $133.1 billion in AUM. Canadian-dollar products recorded $30.8 million of inflows. Euro, Swedish krona and Australian dollar products showed smaller net outflows.

Several funds that led inflows in April reversed in May. The iShares Bitcoin Trust swung to $1.31 billion of outflows from $937.0 million of inflows in April. Fidelity’s FBTC moved from $398.7 million of inflows to $207.8 million of outflows. The iShares Ethereum Trust shifted from $92.0 million of inflows to $423.8 million of outflows.

Market performance in May reflected the flow patterns. The broad crypto index used in reporting fell 1.11% in May after a 5.45% gain in April. A concentrated large-cap index dropped 3.73%, while Bitcoin lost 3.56% in May following an 11.87% rise in April. By early June, Bitcoin traded near $62,000 and major crypto indices were down about 15% or more from May levels.