Even though there are growing concerns about a slowdown in crypto ETFs, BlackRock's iShares Bitcoin Trust is still going strong. Nate Geraci, the president of The ETF Store, said that the fund has now had 13 days in a row of inflows, totaling $3.4 billion. 

So, the latest numbers for spot Bitcoin ETFs are in, and they are controversial, to say the least. Exchange-traded funds on the leading cryptocurrency recorded a total net outflow of 382 BTC, equal to roughly $36.29 million, despite a strong individual showing from BlackRock, whose iShares Bitcoin Trust pulled in 2,841 BTC, adding nearly $270 million in one day. 

Nine of the other ten ETFs showed outflows or zero movement.

Fidelity Wise Origin Bitcoin Fund, the second-largest in holdings, saw the largest outflow of the day: 1,462 BTC gone, a reduction equal to $138.89 million, bringing its total to 198,376 BTC under management. ARK 21Shares and Bitwise also moved lower, with 1,391 and 251 BTC out respectively, while Vaneck, Valkyrie and Invesco sat flat or near zero. 

The full Bitcoin ETF group now holds 1,153,451 BTC, valued at $109.58 billion, but May has begun with a clear signal - capital is rotating, and it is not rushing in.

On the Ethereum side, the tone was much the same. Total net outflow reached 1,648 ETH, equal to $3.03 million. Grayscale’s primary Ethereum Trust saw 3,987 ETH withdrawn, about $7.32 million in outflows, pushing its seven-day total to more than 8,200 ETH gone. 

The only ETF with meaningful inflow was Fidelity’s Ethereum fund, which gained 3,247 ETH, worth close to $5.97 million - a rare green light.

Let's be clear: the question now is not whether big players are still buying - BlackRock clearly is - but where the rest of the market is heading. If this is what leadership looks like, what happens when it disappears?