20260601 Happy Children's Day~~~ This week’s ETF data is even worse— institutional funds continue to exit, and the scale is even larger than last week. According to the numbers: $BTC: -$1.415 billion ethereum:native: -$241 million $SOL: +$2.4 million $SOL is the only survivor. Last week, $BTC outflows were already severe; this week, they were even worse. Combined, the two weeks saw a total outflow of approximately $2.671 billion. This is the strongest consecutive outflow I’ve observed in months of tracking ETF data. ethereum:native followed suit, but $SOL’s ETF performance has remained relatively strong overall. This gives me the impression that May’s market movement wasn’t a broad retreat— but rather a reallocation of capital. When you aggregate May’s full data, a very interesting reality emerges: $BTC and ethereum:native were sold off, while $SOL was bought. It feels like capital isn’t fully exiting the crypto market— but rather fleeing from $BTC and ethereum:native. Fun fact: $BNB now also has an ETF, and recently, hyperliquid:native launched one too. So there’s a possibility that investors believe $BTC and ethereum:native have limited upside potential going forward, and are now positioning early into the next wave of high-elasticity assets. If this assessment holds true, then current $SOL could resemble ethereum:native in early 2021. May ended with a massive market divergence: on one side, $BTC ETFs recorded their strongest consecutive outflows in recent memory; on the other, $SOL ETFs posted their most impressive consecutive inflows in months. Only time will tell the answer. #BTC #ETH #SOL $BTC ethereum:native $SOL