The Wire - May 31, 2026

The Wire - May 31, 2026

Bitcoin ETF Outflow Streak Hits 10 Days, BlackRock IBIT Posts Record Redemption U.S. spot Bitcoin ETFs recorded their 10th consecutive day of net outflows on Friday, extending the longest withdrawal run since the products launched in January 2024. Total redemptions over the streak now exceed $3 billion. BlackRock's iShares Bitcoin Trust (IBIT) contributed the sharpest single-day exit, shedding $430.8 million and ending a 31-day inflow streak. Some analysts view the sustained selling as a contrarian signal: historically, extreme ETF outflows have preceded price recoveries. (CoinDesk, Cointelegraph)

Bitcoin Closes May Down ~4.5%, Ending Two-Month Winning Streak BTC is trading around $73,800 on the final day of May, on track for its first monthly loss since February. The decline erases part of the rally that took Bitcoin from $68K in early March to $85K in mid-April. Ether fared worse, down roughly 11% for the month. The selloff deepened after hotter-than-expected producer price data on May 13 pushed rate-cut expectations further out. (CoinDesk)

Gravity Bridge Drained of $5.4M in Suspected Key Compromise Cosmos-based cross-chain bridge Gravity Bridge lost approximately $5.4 million in USDC, ETH, USDT and PAXG early Saturday. Security firm PeckShield said the attacker still holds roughly 2,100 ETH ($4.2M) and laundered a portion through ChangeNow and Binance. Researchers suspect a compromised bridge signing key rather than a smart contract bug. Gravity Bridge acknowledged the incident and halted operations while it investigates. Another reminder that bridges remain crypto's weakest infrastructure link. (The Block)

XRP and Solana Funds Draw Inflows While BTC and ETH Bleed From May 20 to May 29, XRP-linked products attracted $35 million in net inflows and Solana funds pulled in $55 million. Over the same window, Bitcoin and Ether ETFs shed roughly $2 billion combined. The divergence reflects a rotation into altcoin exposure even as the two largest crypto assets face persistent selling pressure. XRP ETF net assets now sit near $1.12 billion. (CoinDesk)

Ether Underperforms in May, ETH ETFs Log 14-Day Outflow Streak ETH dropped below $2,020, posting an 11% monthly decline that outpaced BTC's 4.5% loss. Spot Ether ETFs recorded 14 consecutive sessions of net outflows, the longest streak for the category. Bit Digital, the Nasdaq-listed ETH treasury firm, bought $20 million worth of Ether on May 11 just before the slide, becoming the fourth-largest public corporate holder with 153,546 ETH. (CoinDesk)

Numbers

• BTC: $73,812 (+0.3%)
• SOL: $82.63 (+0.5%)
• ETH: $2,020 (+0.2%)
• Solana DeFi TVL: $5.39B
• Top USDC yield (Solana): Jupiter Lend at 5.54%

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