U.S. spot Bitcoin ETFs log more than $200 million of outflows over two weeks; analysts say institutions are rotating, not leaving

ChainCatcher reported that Bitcoin traded in a tight range below $78,000 on Monday after U.S. spot Bitcoin ETFs recorded two straight weeks of net redemptions totaling more than $1 billion, including $1.26 billion in net outflows last week. While outflows have continued across BTC and ETH ETF products, several institutions described the move as a shift in positioning rather than a broad institutional exit. Timothy Misir, Research Director at BRN, said: "Institutional buying has not disappeared—it's simply rotating." Flow data over the same period showed $22 million of net inflows into XRP ETFs and $16 million into Solana ETFs. The newly launched Hyperliquid (HYPE) ETF attracted about $72 million, while Ethereum ETFs saw $216 million in outflows. Analysts said recent price action has been shaped by a mix of catalysts, including the U.S.-Iran situation, the SEC's delay of plans tied to tokenized stock trading, and upcoming U.S. macroeconomic data, keeping BTC and ETH rangebound. Options markets suggest traders are still positioning for sizable volatility. For Bitcoin options expiring May 29, open interest is heaviest at the $75,000 put and $80,000 call strikes. Laser Digital said a U.S.-Iran agreement could trigger a sharp drop in oil prices, potentially lifting U.S. equities to fresh highs and reviving risk-on sentiment across markets. It added that major sticking points remain, including Iran's nuclear program and control of the Strait of Hormuz.