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forklog.media The Hormuz paradox: why the oil shock failed to fell bitcoin

When oil jumps 50% in three weeks, markets usually react on autopilot: sell the riskiest first. History bears this out — after Iraq invaded Kuwait in 1990, crude prices doubled and the S&P; 500 shed about 9% in a month. Bitcoin, the market’s twitchiest asset, would seem first in line for the chop in such a scenario. In spring 2026 the hypothesis got a real-world test. The Strait of Hormuz, conduit for a fifth of seaborne oil, became a conflict zone, Brent prices surged past $100, and analysts braced for a familiar sell-off. Contrary to expectations, the first cryptocurrency not only held up — it rose even as gold fell. The divergence between the forecast and what actually happened invites a rethink of the asset’s nature. Once largely correlated with high-beta segments, bitcoin now looks to be shifting from a speculative instrument to a partly autonomous asset class. The open question is whether this shift is durable — the result of structural changes in demand — or merely a quirk born of a specific shock. Here is what may lie behind the coin’s paradoxical behaviour. The illusion of linkage For old-school macroeconomists a dogma long held sway: an energy shock is poison for risky assets. When in February 2026 tension in the Strait of Hormuz morphed from a smouldering political flare-up into a full-blown logistics crunch, markets braced for a textbook “black swan” scenario. A crucial artery handling about 20% of global seaborne crude sat in the eye of the storm. Brent leapt from $69 to above $104 in under a month (+50%) — among the sharpest moves in modern history. Daily Brent crude price chart. Source: Trading Economics.  Enter the “Hormuz paradox”. While mainstream bank analysts reworked inflation models and foretold a rout in all things intangible, bitcoin displayed not just resilience but studied indifference. As oil swung wildly, the first cryptocurrency rose 15% over the same span, outpacing gold (-3%) and the Nasdaq (+1%). That calls into question the notion that bitcoin is merely a gauge of global liquidity or a shadow of commodity cycles. Performance of various assets in the first weeks of the “Hormuz crisis”. Source: Binance Research.  Put simply: digital gold now obeys its own rules, and big institutional money outweighed the oil shock. The inflection point for that independence was the launch of spot ETFs in the United States in January 2024 — a change both deep and lasting. Crisis chronicle: oil in turbulence According to Kaiko, between February and May the oil market shifted regimes and became hostage to headlines: prices reacted to each update on conflict, supply risk and any hint of de-escalation. After dozing around $60 a barrel early in the year, WTI and Brent settled above $100 by spring. It was not a mere climb; prices ricocheted with the newsflow: oil volatility topped 100% in April and stayed near 85% even in relative lulls. Volatility of oil, copper, the S&P 500 and bitcoin in February–May. Source: Kaiko.   Most telling was the “Trump effect”. On April 7th 2026, after a two-week temporary truce with Iran was announced, WTI plunged more than 15% within hours.  The market reacted instantly; remove the threat and the risk premium evaporated. In those months crude pricing hinged less on supply-demand balance than on the odds of another strike on terminals. Binance Research distils a three-phase pattern in bitcoin’s response to the chaos: Phase 1: anticipatory shock (Feb 26–28). After Geneva talks with Iran hit a dead end, oil jumped to $73. Under pressure from ETF outflows, bitcoin fell to a crisis low of $63,047 on February 28th — a Saturday, when liquidity is structurally thin, underscoring the technical nature of the dip. Phase 2: shock absorption (Mar 2–8). Oil’s most intense spell — Brent up 35% in a week. Logic said bitcoin should crack. Instead, it moved into an accumulation band at $66,000–73,000, steadily buying dips. Phase 3: independent rally (Mar 9–18). Full decoupling. While oil attacked $104, bitcoin climbed from $66,000 to $75,000. Over 24 days the coin rebounded 18.8% from its local trough, largely ignoring the “energy apocalypse”. Price reactions of bitcoin and oil to February–March events. Source: Binance Research. Busting the myth: is bitcoin’s price tied to oil? Many traders line up bitcoin and oil charts in search of synchronicity. Binance Research, analysing a decade of data from 2016 to 2026, finds no stable link. The key methodological error is comparing price levels without accounting for trend. At first glance the assets may look in step, but that is an illusion born of both series rising over time. Part of that ascent reflects dollar debasement and broader inflation, which lifts prices across assets from commodities to housing. Apparent logic can emerge even where no real economic linkage exists. Statisticians call this a spurious correlation. Change in the purchasing power of the US dollar since 1913. Source: Visual Capitalist. To strip out the effect, analysts compare not levels but week-on-week percentage moves — a cleaner basis for inference. The results by period: 2016–2019: virtually no link between bitcoin and oil; 2020–2022: a correlation appears — the only such spell on record. Oil was not the driver. With US rates near zero, the ФРС massively expanded liquidity: its balance sheet swelled from $4.2trn to $8.9trn. Quantitative easing lifted all boats — oil and bitcoin alike. They merely rode the same tide of cheap money; no true linkage was present; 2025–2026: correlation fades again. Bitcoin and oil go their separate ways. Correlation between Brent and bitcoin. Source: Binance Research.  One last question: can oil prices at least hint at bitcoin’s next move? Analysts tested this with the Granger causality test, which shows whether yesterday’s move in one asset helps predict tomorrow’s in another. The answer: no. Across horizons from one to ten weeks, oil says nothing about bitcoin’s future. Even in the “odd” year of 2020 there was no predictive power. The takeaway is simple: bitcoin does not follow oil. It barely notices it. Correlation between WTI and bitcoin after the onset of the “Hormuz crisis”. Source: Kaiko.  The commodity landscape: copper versus natural gas If oil was 2026’s epicentre of chaos, other commodities behaved more prosaically. Kaiko highlights a “copper signal”. Prices jumped from $5.3 to above $6.3 in two months. The drivers were far from the Middle East: a fundamental supply shortfall, compounded by Peru — the world’s third-largest copper producer in 2025 — facing severe disruptions. Copper price dynamics. Source: Trading Economics.  Metal gains came from forces unrelated to the barrel: AI infrastructure: the data-centre boom demands vast amounts of copper to upgrade grids; the energy transition: the red metal remains irreplaceable in EVs and renewables. Natural gas, meanwhile, danced to local supply and demand, paying scant heed to geopolitics. Ironically, gold — the classic haven — fell 3% at the crisis peak. The metal buckled under a stronger dollar and expectations of higher rates.  Gold and other popular assets since early February. Source: Binance Research.  The fact bitcoin rose while gold slipped puts them in different corners. The first cryptocurrency no longer shadows the metal; it is now an institutional class with its own pricing logic. Institutional absorber: ETFs and corporate treasuries Why did bitcoin not tumble with other risk assets under a macro shock? The answer likely lies in a structural shift post-January 2024. The launch of US spot ETFs created a powerful liquidity sink that altered the market’s reflexes. Capital flows in March 2026 reveal the mechanism. Three independent demand channels were at work. Spot ETFs Binance Research data show institutions treated the shock as a gift-wrapped entry. From March 2nd to 4th, as oil accelerated, net inflows to ETFs hit $1.15bn (three straight days: $458m, $225m, $462m). During the recovery, March 9th–17th brought seven more consecutive inflow days totalling $1.16bn. The tally over the crisis period topped $1.7bn. Spot bitcoin-ETF inflows. Source: SoSoValue.   The Coinbase premium The Coinbase–Binance spread turned firmly positive in early March — a clear sign that US institutions drove the bid. As retail flinched, “smart money” sterilised on-exchange supply. Dynamics of the “Coinbase premium” indicator. Source: Binance Research.  Corporate treasuries Strategic buyers such as Strategy and BitMine ignored the macro noise. By March 2026 their combined holdings reached $8.3bn. They add weekly, laying a “concrete floor” under price that headlines about blocked straits struggle to crack. Investment activity of Strategy and BitMine. Source: Binance Research.  All three channels fired at once — changing market logic. The greater the uncertainty, the more actively institutions bought bitcoin, treating dips as entry points. Bitcoin as a neutral settlement asset The Hormuz crisis cast digital gold in an unexpected role. Iranian authorities named it among the ways to pay tanker tolls through the strait — alongside the yuan and dollar-pegged stablecoins. The appeal: resistance to censorship and seizure. “This is one of the clearest situations in which bitcoin very clearly acts as a strategic asset. Iran wants to use bitcoin for these transactions because it cannot be frozen. The network of the first cryptocurrency cannot be shut down,” —said Bitcoin Policy Institute head of research Sam Lyman. Crypto payments have yet to show up: according to Lyman, on-chain data do not confirm them, and most of Iran’s settlements are in USDT. Since 2022 the country has moved about $3bn in crypto, of which the US Treasury managed to freeze roughly $500m. Iran is also building supporting infrastructure. The Ministry of Economy launched the Hormuz Safe platform to insure vessels in the Persian Gulf and Strait of Hormuz, with payment in bitcoin and other cryptocurrencies — bypassing SWIFT and Western intermediaries.  Authorities hope to earn over $10bn; transit tolls can reach $2m per tanker. The platform lacks international recognition, and using it risks US secondary sanctions. Historical echoes: 2022 vs 2026 History rhymes, and investors seldom learn. Compare bitcoin’s reaction to the start of the full-scale war in Ukraine in 2022 with the Middle East events of 2026: in both cases the coin rose in the first four weeks — +24% in 2022 and +15% in 2026. Bitcoin price moves around the start of 2022 and 2026 events. Source: Binance Research.  The chief lesson: bitcoin is less hostage to conflicts and oil than presumed. Its real threats are internal. In 2022 the ensuing crash stemmed not from geopolitics but from the collapse of Terra/LUNA and the implosion of Three Arrows Capital (3AC) — liquidity and trust crises with hefty volatility. Energy balance Mining progress also mattered. The old chain ran: dearer oil raises electricity costs, pushes up mining breakevens and forces selling. That chain now breaks. Cambridge University data put clean energy’s share in bitcoin mining at 52% — oil and coal no longer set digital gold’s production cost. Efficiency The 2024 halving, which cut block rewards to 3.125 BTC, enforced tough selection. By 2026 only ultra-lean operators remained — able to shrug off short-lived surges in energy prices. ETF factor Institutional flows now dwarf miners’ daily sales many times over, limiting their sway on marginal pricing. What next: from de-escalation to stagflation Resilience is not invincibility. Binance Research sketches scenarios should the conflict evolve differently. “Peace”  With full de-escalation in the Middle East, oil’s political-risk premium would vanish. Bitcoin would return to its internal drivers — supply cycles and ETF adoption. A path of measured, organic growth — the coin edging towards a “boring” asset for pension funds. “Escalation”  If oil breaks $150 and holds for 3–6 months, a liquidity crunch akin to 2008 looms. In mass margin calls across asset classes, correlations lurch towards one. Bitcoin could face forced selling by large funds covering losses elsewhere. That would be a “universal deleveraging” risk, not an oil-price risk per se. “Stagflation”  Slowing growth with high inflation would keep the Fed hawkish — perhaps the sternest test. Will bitcoin prove protection against fiat debasement, or remain captive to risk appetite? In that world the coin should respond more to real rates — yields on safe assets minus inflation. The higher the risk-free return, the fewer the holders of a non-yielding asset. The stress test continues: what late May revealed All of the above covers February–April, when the coin held up strikingly well. By late May the picture shifted. On May 23rd bitcoin fell to $74,300 — the lowest since April 20th and roughly 10% below the local high above $82,500 set on May 6th.  Hourly BTC/USDT chart on Binance. Source: TradingView.  Over two weeks, net outflows from US spot bitcoin ETFs exceeded $2.26bn, with $1.26bn in a single week — the most since January. The sell-off coincided with rising US Treasury yields. 30-year Treasury yields. Source: X account of Axel Adler Jr..  The very institutional demand channel that acted as a “concrete floor” in March flipped. This is precisely the caveat Binance Research flagged in early spring: bitcoin’s detachment from macro risks is conditional, resting on the post-ETF market structure. Meanwhile capital rotated into commodities — oil, copper, sulphur. Bitcoin needs separating from the rest of crypto here. Fundstrat co-founder Tom Lee called rising oil the main headwind for Ethereum, noting a record inverse relationship between ether and crude.  Ethereum–oil correlation. Source: X account of Tom Lee.  Analyst Axel Adler Jr noted that WTI near $97 is a negative macro factor: it intensifies inflation pressure and keeps central banks tighter for longer. An added uncertainty is the change at the Fed. The chair’s post went to Kevin Warsh, a move the crypto crowd welcomed as he is seen as open to bitcoin and financial innovation. Digital gold barely reacted: markets care more about the rate path than one official’s views. Trader Merlijn The Trader pointed out a curious pattern: each new Fed chair’s arrival coincided with a local bitcoin peak — in 2014, 2018 and 2022. The observation is anecdotal rather than statistically proven. Conclusion: independence, with caveats Bitcoin in 2026 is neither archaic “digital gold” nor an oil proxy. It is an asset with its own pricing logic, anchored in institutional flows, halving cycles and corporate treasury strategy. The Middle East crisis showed the essential point: digital gold can weather energy shocks without mirroring oil. But May 2026 adds a caveat: that independence is conditional. It rests on institutional market plumbing — and when that falters, as with ETF outflows and rising rates, macro sensitivity returns. The coin is no “mirror of commodities”, but it is not invulnerable either. The enduring lesson: bitcoin is broken not by wars or oil prices, but by internal crises of trust and credit — as with Terra/LUNA and 3AC in 2022.  External shocks stoke volatility; capital flows set the trend. While the institutional support mechanism hums, the immunity is real. When it sputters, the stress test resumes.

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news.bitcoin.com Analysts Flag $79K Resistance After $766M Bitcoin Liquidation Wipes May Gains

Bitcoin fell nearly 10% from its early-May high before reclaiming its monthly open, but Bitfinex analysts say the recovery has so far run out of steam near the weekly open. Long BTC Traders Sit Underwater as Bitfinex Report Points to $79K Breakeven Wall According to Bitfinex’s latest report, the May 23 deleveraging event this weekend […]

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blockonomi.com Why Most Traders Misuse Demo Accounts Without Realizing It

It doesn’t seem to be fair to start a trading trip without any practice. Few serious disciplines are remunerative for people who don’t prepare, and it makes perfect sense to spend a little time in a simulated environment before risking real capital. It is not the instinct that is the problem. This is what generally [...] The post Why Most Traders Misuse Demo Accounts Without Realizing It appeared first on Blockonomi.

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blockonomi.com RENDER Network Activity Surges as On-Chain Data Points to a Trend Shift

TLDR: RENDER broke above $2.25 for the first time in four months, backed by strong on-chain and volume data. Daily active addresses hit 394 and new wallet creation reached 118, both logging 12-week highs in one session. Trading volume hit 9.8 million RENDER tokens, with the breakout candle printing the chart’s largest volume bar. Bulls [...] The post RENDER Network Activity Surges as On-Chain Data Points to a Trend Shift appeared first on Blockonomi.

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forklog.media Altman Questions AI-Induced Job Apocalypse

OpenAI CEO Sam Altman has expressed skepticism that the advancement of artificial intelligence will lead to a global "job apocalypse." This was reported by Reuters. According to him, AI has not yet caused the large-scale reduction in office jobs that he himself anticipated following the launch of ChatGPT in 2022. "I'm glad I was wrong. It seemed that by now the impact on entry-level office positions would be greater," the entrepreneur said at the Commonwealth Bank of Australia conference in Sydney. The CEO stated that the company "roughly accurately" assessed the technological development of LLM, but erred in predicting its immediate social and economic consequences. Altman noted that he previously considered the risk of mass automation to be real and therefore spoke about it publicly. He mentioned that such a threat might still exist, but the situation now appears different. He explained this by noting that many professions retain a "human element" that is difficult to replace with algorithms. As an example, Altman shared that he tried using AI for responses in Slack and email but then returned to personal communication. "We truly value interaction with people," he stated. In Altman's view, this experience has altered his perception of the future labor market. He believes that the employment landscape will be "quite different" from what many industry participants expected. However, layoffs due to artificial intelligence are still occurring. In April, Oracle began cutting thousands of employees amid falling stock prices and significant capital expenditures on AI infrastructure development. In February, Block CEO Jack Dorsey announced the layoff of nearly 4,000 employees. The decision was linked to the company's transition to a "more compact, flat, and AI-focused" structure. Earlier in May, China banned layoffs due to AI.

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forklog.media Kelp Restores Full Collateral for rsETH Token

The Kelp protocol has restored the collateral for the rsETH token five weeks after the hack. The team sent the final tranche of 20,373 rsETH to the LayerZero smart contract. The final tranche of 20,373.72 rsETH has been sent to the rsETH OFT adapter earlier today. This closes the operational part of the rsETH recovery plan.Tx: https://t.co/fB2HLWvggk— Kelp (@KelpDAO) May 25, 2026 The $293 million incident triggered a liquidity crisis in the DeFi sector. The perpetrators used the stolen 116,500 rsETH as collateral on the Aave platform to obtain loans. This resulted in $190 million of "bad debt" and a massive outflow of funds from the lending protocol. Funds for the recovery were gathered by Kelp with the support of the DeFi United initiative. Other crypto projects also participated in the plan's implementation. The first tranche of 25,000 rsETH was received on May 13, allowing the resumption of cross-chain bridges between the Ethereum mainnet and L2 solutions. The following day, developers reopened withdrawals. Burning and reward accruals are operating normally. The Kelp hack contributed to the decline in the total value locked in the Aave protocol, which fell from $26.3 billion to $17.7 billion. In April, a record number of hacks in the crypto industry was recorded for a single month. More than 20 incidents resulted in $651 million in damages. In May, hacking attacks targeted Ekubo, TrustedVolumes, THORChain, Verus, Echo, and Map Protocol.

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bitcoinmagazine.com Strive (ASST) Buys 1,109 Bitcoin, Lifts Holdings to 16,500 BTC

Bitcoin Magazine Strive (ASST) Buys 1,109 Bitcoin, Lifts Holdings to 16,500 BTC Strive (ASST) acquired 1,109 bitcoin last week, boosting its total holdings to 16,500 BTC and cementing its position among the largest publicly traded corporate holders. This post Strive (ASST) Buys 1,109 Bitcoin, Lifts Holdings to 16,500 BTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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forklog.media Constructor Group Establishes Quantum Hub in Singapore

Constructor Group has selected Singapore as the location for its new global headquarters focused on artificial intelligence and quantum technologies. The company announced plans to create over 200 highly skilled jobs. Additionally, the firm has launched research programs and expanded partnerships with local universities to advance the AI ecosystem and quantum developments.

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blockonomi.com Strategy Completes $1.5B Debt Repurchase at 8% Discount, BTC Yield Reaches 13.3% YTD

TLDR: Strategy repurchased $1.5B in 2029 Convertible Notes at an 8% discount, saving roughly $120 million in cash outlay. The debt buyback generated a BTC Gain of 4,391 bitcoin and a BTC $ Gain of $333 million for Strategy’s balance sheet. Strategy’s year-to-date BTC Yield reached 13.3%, reflecting a cumulative BTC Gain of 89,378 bitcoin [...] The post Strategy Completes $1.5B Debt Repurchase at 8% Discount, BTC Yield Reaches 13.3% YTD appeared first on Blockonomi.

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bitcoinist.com XRP ETFs Are Going Crazy In May As Outflows Die Down

The XRP ETFs continue to see significant demand despite the current bear market conditions, with XRP on the decline. These funds are also outperforming the Bitcoin and Ethereum ETFs, which are seeing outflows as BTC and ETH trend downwards.  XRP ETFs Record Steady Inflows Even As Price Declines SoSoValue data shows that the XRP ETFs […]

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news.bitcoin.com Bitcoin Burn Wallet Absorbs $8.2M as Unknown User Destroys 107 BTC in Mystery Transfer

On Tuesday, onchain analyst and founder of Timechainindex.com Sani flagged a bitcoin transaction in which the owner transferred 107 BTC, valued at $8.2 million at current exchange rates, to a burn address, rendering the funds permanently inaccessible and impossible to spend. Bitcoin Burn Wallet Jumps to 807 BTC After Mystery User Burns $8.2 Million According […]

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blockonomi.com XRP Liquidity on Binance Drops to Lowest Point Since January 2020

TLDR: XRP’s 30-day liquidity index on Binance has dropped to 0.043, its lowest reading since January 2020. Reduced market depth raises price sensitivity, making large orders capable of triggering sharp XRP moves. Whales accumulated 71 million XRP during a 5% weekly crypto drop, signaling possible accumulation phase. XRP’s realistic 2026 price range sits at $2–$3.50, [...] The post XRP Liquidity on Binance Drops to Lowest Point Since January 2020 appeared first on Blockonomi.

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forklog.media Strategy Repurchases $1.5 Billion of Its Own Bonds

Strategy has repurchased its own convertible bonds due in 2029 for $1.5 billion. The transaction was completed at a discount of approximately 8% to par. Strategy has completed the repurchase of $1.5 billion of its 2029 Convertible Notes at an ~8% discount to par, generating an incremental 0.7% BTC Yield and lowering aggregate debt to $6.7 billion. $MSTR $STRC https://t.co/cbx4BlpsKV— Michael Saylor (@saylor) May 26, 2026 As a result of this financial operation, the company's total debt has been reduced to $6.7 billion. The yield on bitcoin assets per share increased by 0.7%. Since the beginning of the year, this indicator has reached 13.3%. In the week ending May 25, Strategy did not purchase any cryptocurrency. The company holds 843,738 BTC on its balance sheet. The total value of the accumulated digital assets is approximately $63.87 billion. The average purchase price of one bitcoin for the company over the entire period was about $75,700. The company's founder, Michael Saylor, noted that the flexible capital structure allows for balance sheet optimization depending on market conditions. The firm's liquid reserve in US dollars currently amounts to $871 million, and management plans to replenish it in the future.  Bitcoin Treasuries Last week, small public companies acquired 602.6 BTC worth approximately $46 million:  Strive purchased 381.6 BTC; DDC Enterprise Limited — 200 BTC; The Smarter Web Company — 19 BTC; Hyperscale Data — 2 BTC. The firms made these purchases when the price of bitcoin fell below $80,000. For instance, Strive acquired the asset at an average price of $79,348, while DDC paid $79,496.  The activity of small businesses coincided with an outflow of funds from spot exchange-traded funds based on the leading cryptocurrency. Over six trading days, $1.54 billion was withdrawn from these instruments. Analysts at Santiment described this as a "counter-indicator," noting that ETF investors' behavior often reflects retail sentiment rather than "smart money." Currently, bitcoin treasuries include 198 public companies. They hold 1.24 million BTC — nearly 6% of the total market supply of the asset. Source: BitcoinTreasuries. Back in May, SharpLink Gaming's head Joseph Shalom criticized Strategy's approach to managing crypto assets.

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forklog.media Oil Prices Decline Amid Anticipated Reopening of the Strait of Hormuz

Oil prices have fallen to their lowest levels in over two weeks amid expectations that traffic through the Strait of Hormuz will soon resume. Brent crude prices dropped to $97.43. Some vessels, including a supertanker carrying approximately 2 million barrels of Iraqi oil, have already begun to pass through the strait, heading to China after nearly a three-month delay.

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bitcoinmagazine.com Abundant Mines Wins Inaugural Satos Award for Mining & Energy

Bitcoin Magazine Abundant Mines Wins Inaugural Satos Award for Mining & Energy Oregon-based bitcoin mining company wins industry-voted accolade, demonstrating dedication toward operational excellence and transparency. This post Abundant Mines Wins Inaugural Satos Award for Mining & Energy first appeared on Bitcoin Magazine and is written by Bitcoin Magazine.

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blockonomi.com CoreWeave (CRWV) Stock Surges as Major Institutions Boost Holdings and Russell 3000 Inclusion Takes Effect

CoreWeave (CRWV) stock gains momentum with Deutsche Bank's Buy rating, massive institutional buying from Vanguard and PNC, and a $3.1B loan closure. The post CoreWeave (CRWV) Stock Surges as Major Institutions Boost Holdings and Russell 3000 Inclusion Takes Effect appeared first on Blockonomi.

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forklog.media Crypto Fund Outflows Intensify to $1.47 Billion

Between May 18 and 22, cryptocurrency-based investment funds recorded an outflow of $1.47 billion. This marks the second consecutive week of negative results and the third-largest reduction in 2026, according to CoinShares. Source: CoinShares. More negative dynamics were observed at the end of January, when the market experienced two consecutive weekly declines of $1.7 billion. Since May 11, investors have withdrawn $2.54 billion from funds due to reduced risks related to the situation in Iran. The CLARITY Act, which passed a key Senate vote, did not provide a positive boost. The United States leads in terms of fund outflows with $1.425 billion. The figures for other countries are as follows: Switzerland — $16.2 million; Canada — $12.5 million; Hong Kong — $12.2 million. Figures in Germany remained largely unchanged. Bitcoin saw an outflow of $1.315 billion, the largest in 2026. Investors withdrew $222.8 million from Ethereum-based products. Altcoins continued to selectively record inflows: XRP — +$31.8 million; NEAR — +$9 million; SOL — +$7.7 million; SUI — +$2.9 million. Multi-asset products received $4.7 million. Earlier in May, spot volumes for Bitcoin fell to their lowest levels in 2023.

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