Spot ETF Flow – 19/05 #USTreasuryHits19YrHigh The ETF market is starting to show clear signs of hesitation as institutional money turns increasingly cautious amid macro uncertainty and geopolitical tension. Bitcoin recorded a net outflow of -$5.5M, while Ethereum saw -$2.9M in withdrawals, and notably, BlackRock’s data has not even been updated yet, leaving the possibility for even larger moves once full numbers are released. Meanwhile, capital rotation is quietly emerging beneath the surface. Solana attracted +$3.8M in inflows, while XRP added +$0.7M, suggesting that some institutional flows are beginning to shift toward higher-beta altcoins despite the broader market remaining defensive. The market right now doesn’t lack liquidity. It lacks conviction. And ETF flows are slowly becoming the clearest reflection of where institutional confidence is starting to fade… and where speculation is quietly returning. $BTC $ETH