Bitcoin ETFs saw record -33,100 BTC outflows in May as digital asset treasuries added 42,900 BTC, Glassnode data shows. The divergence signals a shift in institutional positioning.
Alpha Score of 45 reflects weak overall profile with poor momentum, weak value, strong quality, weak sentiment.
Institutional crypto flows split in May 2026, according to Glassnode's latest Strategy Watch report. Exchange-traded fund flows turned sharply negative while digital asset treasuries accumulated.
Bitcoin spot ETFs took in a peak of +46,800 BTC on May 5, then bled out -33,100 BTC by month-end, Glassnode reported. Ethereum ETFs followed a similar path, swinging from +283,400 ETH mid-month to -261,500 ETH by May 31. The reversal reflected growing caution among ETF allocators as liquidity tightened, Glassnode said.
Digital asset treasuries moved the other way. Bitcoin DAT holdings stayed between +26,100 and +60,400 BTC through May, finishing at +42,900 BTC. Ethereum DATs climbed to +330,800 ETH by month-end. Long-term balance-sheet buyers stepped in where ETF traders pulled back, according to Glassnode.
The broader market backdrop remained soft. Bitcoin traded at $59,958 on June 26, up 0.78% on the day. May's ETF outflows followed $1.67 billion in weekly outflows from crypto funds in the week ending June 1, the second-largest of 2026, CoinShares data showed. Bitcoin funds accounted for $1.44 billion of that. Year-to-date inflows for Bitcoin funds stand at $1.2 billion. The mid-June session brought a brief reprieve: U.S. Bitcoin ETFs added $85.9 million on June 12 after weeks of redemptions.
Ethereum's DeFi total value locked shrank from $45.1 billion to $41.7 billion in May. The pace of outflows eased in the second half of the month. New inflows did not appear. Stablecoin flows reversed from +$6.1 billion in early May to -$2.5 billion by month-end, indicating a rotation out of dollar liquidity as allocators cut risk, Glassnode said.
One counterpoint to the bearish picture: CME futures basis yields recovered. Both Bitcoin and Ethereum futures returned to positive territory, reviving the cash-and-carry trade. Bitcoin basis yield reached +$16 million by May 31; Ethereum's basis hit +$12.8 million. It was the first sustained premium to spot since March. Glassnode said the move showed institutional traders re-engaging with market-neutral strategies. CME Group, the venue behind the futures basis trade, carries an Alpha Score of 45 out of 100, reflecting mixed institutional sentiment.
Glassnode's next monthly flow report is expected in early July.
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