U.S.-listed spot Bitcoin ETFs recorded a combined net outflow of $290 million on May 15, their largest single-day withdrawal in four months and the biggest since late January, according to SoSoValue, with BlackRock’s IBIT leading redemptions at $136 million. The pullback followed a May 14 session in which spot Bitcoin ETFs had posted $131 million in net inflows, led by IBIT’s $144 million inflow. U.S. spot Ethereum ETFs also remained under pressure: they saw about $5.65 million in net outflows on May 14, and later recorded $65.65 million in net outflows, marking a fifth straight day of withdrawals. Bitcoin weakened after testing its 200-day moving average amid inflation concerns and softer risk appetite, while Ethereum fund demand stayed weak. Total spot Bitcoin ETF net assets remained at $104.289 billion, and U.S. spot Ethereum ETF net assets stood at $13.45 billion with cumulative net inflows of $11.90 billion. Separately, DefiLlama said the top 10 DeFi protocols generated 87% of holder revenue over the past month, led by Hyperliquid, highlighting revenue concentration in decentralized finance.