US regulators have made significant progress on the CLARITY Act recently. But even against this backdrop, crypto ETPs lost substantial money last week.
Between May 16 and May 22, clients withdrew $1.47 billion from cryptocurrency-based exchange-traded products. This is the second consecutive negative result and the third-largest outflow since the start of 2026, according to CoinShares.
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Asset-by-Asset Dynamics
Outflows from bitcoin-based funds intensified to $1.32B, up from $981.5M in the previous period. Short products, by contrast, attracted $10.2M.
Ethereum-based instruments saw $222.8M in outflows. Meanwhile, XRP▼$1.19 ETPs and SOL▼$72.24 ETPs maintained inflows at $31.8M and $7.7M, respectively. Funds also flowed into products on Sui ($2.9M), Chainlink ($0.6M), and Litecoin ($0.4M).
Read more: Ethereum Dominance Falls Below 2024 Levels as Market Share Slides
Total Assets Under Management
Total assets under management fell from $156.9B to $148.7B. Negative momentum has continued for the second consecutive week, despite Senate Banking Committee approval of the CLARITY Act.
Risks to the Market
Swissblock analysts noted that bitcoin has entered a high-risk zone. Their risk index reached 33 out of 100. In their view, sustained ETF outflows indicate institutional position-taking without visible replacement by spot demand.
Glassnode confirmed that US bitcoin ETFs have seen nearly daily outflows since May 7. Total withdrawals over two weeks exceeded $2B.
CoinEx experts noted that the market remains in wait-and-see mode. Institutional risk appetite remains sensitive, particularly amid geopolitical tensions around Iran.
Learn more: Best Crypto ETF Contracts for 2026 — Which ETFs Will Dominate Trading This Year?
