Bitcoin investment products bled $982 million in net outflows during the week ending May 15, according to CoinShares' latest report. Ethereum funds shed $249 million. But the picture wasn't uniformly red — XRP and Solana (SOL) products posted notable inflows.
XRP funds attracted $67.6 million, while Solana products drew $55.1 million. “Altcoins held up notably well,” wrote James Butterfill, Head of Research at CoinShares, pointing to inflows also seen in TON, Dogecoin (DOGE) and Chainlink (LINK) products. “Investors are looking past Bitcoin and Ethereum for selective exposure,” Butterfill added.
ETF Outflows Accelerate, Options Flag Caution
Bitcoin shed roughly $5,000 over the past week, sliding from the $80K area to around $75K — a drop of about 5.1%. Ethereum fared worse, losing 7.4%. CoinDesk previously reported that the slide may be more than a routine pullback: ETF outflows have intensified over the past two weeks, with aggressive selling in both spot and futures markets.
Options markets are flashing caution too. Investors are paying up for downside protection, suggesting some expect the selloff to deepen. On Polymarket, bettors now assign a 65% probability that bitcoin hits $75,000 this month, versus just an 11% chance of a rebound to $85,000.
The divergent flows — heavy bitcoin outflows alongside solid altcoin inflows — indicate that traders aren't exiting crypto entirely, but rotating into specific altcoin bets.