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

May 25 (BlockBeats) — Bitcoin stayed below $78,000 on Monday after U.S. spot Bitcoin ETFs recorded a second straight week of heavy redemptions. Net outflows totaled more than $1 billion over the past two weeks, including $1.26 billion last week. Even as BTC and ETH ETFs continue to see withdrawals, several institutions say the flows look more like a shift in positioning than a broad institutional exit. BRN research head Timothy Misir said institutional demand "hasn't disappeared—it's just rotating." Fund-flow data shows capital moving into other crypto-linked products over the same period. XRP ETFs took in $22 million, Solana ETFs added $16 million, and the newly launched Hyperliquid (HYPE) ETF attracted about $72 million. Ethereum ETFs, by contrast, posted $216 million of net outflows. Analysts attribute the recent range-bound trade in BTC and ETH to a mix of catalysts, including the U.S.-Iran situation, the SEC's delay of a tokenized stock trading plan, and upcoming U.S. macro data releases. In derivatives, positioning still implies expectations for sharp moves: for Bitcoin options expiring May 29, the largest open interest sits at the $75,000 put and the $80,000 call. Laser Digital said a U.S.-Iran agreement could trigger a meaningful decline in oil prices, potentially lifting U.S. equities to fresh highs and reigniting risk-on sentiment. It added that major gaps remain, including Iran's nuclear program and control over the Strait of Hormuz.