Ethereum

Ethereum spot ETFs logged a $65.65 million net weekly outflow, the largest weekly withdrawal since January, with no day showing fresh inflows. Withdrawals were steady throughout the week, with the biggest single-day outflow on Tuesday, May 12, when funds shed $130.62 million in 24 hours.

Ethereum fell below $2,200 after repeated failures near $2,400, while the ETH/BTC ratio slipped under 0.028, marking a 10-month low. Analysts pointed to heavy exchange inflows—more than 500,000 ETH over the past week—as a potential source of added selling pressure. Bullish voices, however, argued ETH could rebound from diagonal support on the 8-hour chart as some long-term holders resume buying.

VanEck and Grayscale have updated their S-1 registration filings for a proposed U.S. spot BNB ETF, a move that Bloomberg ETF analyst James Seyffart said points to active SEC engagement. After the updates, some large holders reportedly rotated out of $50M in Ethereum into BNB, while BNB traded at $660 at press time.

Bitmine, led by Tom Lee, purchased 89,026 ETH for $197.64 million, lifting its total Ethereum holdings to 2.59 million ETH worth $11.7 billion. ETH traded around $2,225 at press time, down 1.7% on the day and about 3% over the week after dropping to $2,202. Market indicators cited in the report show weakening momentum, with RSI at 41 and price below key moving averages.

Ethereum traded around $2,171 on May 16, down 2.3% on the day and about 6% over the week, while holding a $2,100–$2,150 support area near the 100-day SMA. Spot Ethereum ETFs logged $65.7M of net outflows on May 15, extending the streak to five straight negative sessions. RSI near 38 suggests weakening momentum, but the setup remains unconfirmed without a daily close above the Fibonacci 0.382 level.

Ethereum continues to lag Bitcoin, with ETH down 10.6% versus BTC over the past 30 days and 2.9% over the past week. The ETH/BTC pair has drifted from around ₿0.031 in mid-April to about ₿0.027, as Ethereum's DeFi TVL share fell to 54% in May 2026 despite $44.5 billion still locked. Analysts and ETF flow comparisons suggest the gap may persist unless network activity and real-world usage meaningfully improve.

The crypto market lost roughly $100 billion over the past 24 hours, with total capitalization sliding from about $2.7 trillion to around $2.6 trillion. Bitcoin fell 3.24% to roughly $77,878 and Ethereum declined 3.76% to about $2,170, while large-cap losses also hit Solana, BNB, and XRP.

Clients tied to BlackRock's IBIT spot Bitcoin ETF sold about $317.1 million worth of BTC this week, adding fresh outflow pressure. U.S. spot Bitcoin ETFs then logged a $290 million net outflow on May 15 and finished the week near $1 billion in withdrawals. Bitcoin also slid 3.2% over the prior 24 hours, briefly dipping back toward the $78,000 range after trading above $82,000.

Kraken said on X that it plans to move kBTC and future wrapped assets onto Chainlink's CCIP, highlighting a push for more security-focused cross-chain settlement infrastructure. The kBTC ecosystem holds about $330 million across DeFi channels, while Chainlink's infrastructure secures more than $33 billion across connected networks. The shift also raises concerns that heavier reliance on a small set of providers could increase concentration and systemic risk.

SharpLink Gaming CEO Joseph Chalom outlined three developments he says Ethereum needs to regain momentum: passage of the US Digital Asset Market Clarity Act (CLARITY), a broader return of risk appetite, and faster growth in real-world asset tokenization. He also said global financial hubs are closely tracking the US policy shift as lawmakers advanced the bill in a Senate Banking Committee vote. SharpLink holds about 861,251 ETH valued at $1.89 billion, while ETH was $2,190 at publication after falling 55% from its $4,823 peak in August 2025.