Key Takeaways:
Visa data shows stablecoin velocity hit a record 49.7x as $320B in supply gains utility. Bitcoin ETFs have lost $6.6B since Oct. 2025, with Blackrock IBIT now seeing outflows.Ethereum ETF demand weakened in May 2026 as Blackrock ETHA posted sustained outflows.Earlier ETF outflows were often driven by investors leaving Grayscale’s higher-fee GBTC and moving into cheaper products such as Blackrock’s IBIT or Fidelity’s FBTC. Recent activity looks different. On May 27, IBIT itself saw outflows, while total net redemptions across issuers reached $733.4 million for the day.
Ethereum ETFs face a different problem. After launching in July 2024, they were hit by heavy redemptions from Grayscale ETHE, including $484 million on the first day. Demand later surged in July and August 2025, when Blackrock’s ETHA attracted $4.2 billion and $3.38 billion, respectively.
But that momentum has faded. Grayscale outflows have slowed, yet capital has not meaningfully rotated into rival products. Several issuers are posting flat flows, while ETHA saw outflows through much of May.
