BTC Dips, ETFs Drain!

US Bitcoin ETFs ended their inflow streak with a $347 million net outflow on May 29.

Author

Danielle du Toit
May 30, 2025

In partnership with

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Here's what we've got for you today:

  • Bitcoin ETFs Have First Joint Outflow in 2 Weeks, But BlackRock Bucks Trend

  • Santander Considers Retail Crypto Expansion and Stablecoin

  • Crypto Staking on Proof-of-Stake Blockchains Not a Security: SEC Staff

  • Institutional Interest in XRP Grows with Hyperscale Lending Platform and CME Futures

US Bitcoin ETFs ended their inflow streak with a $347 million net outflow on May 29.

  • US spot Bitcoin ETFs saw a combined net outflow of $347 million on May 29, which was the first joint outflow in over two weeks and the largest since March 11.

  • The outflows coincided with a 3.5% drop in Bitcoin’s price, which fell from a high of $108,850 to below $105,000 during the day.

  • BlackRock’s iShares Bitcoin Trust (IBIT) was the only ETF to post a net inflow, while Fidelity’s FBTC and Grayscale’s GBTC led the outflows with $166M and $107.5M, respectively.

Banco Santander SA is considering expanding its cryptocurrency services to retail clients, including the potential launch of its own stablecoin.

  • Banco Santander is exploring the launch of its own stablecoin—potentially pegged to the US dollar or euro—as part of its push to expand its crypto services to retail clients.

  • The move follows the growing trend among major banks like JPMorgan, Citigroup, and Bank of America, spurred by regulatory shifts under the Trump administration that are seen as more crypto-friendly.

  • While stablecoins are praised for improving payment efficiency and financial inclusion, the banking industry is still very divided. Some institutions are specifically concerned about potential threats to profit margins and market dominance.

Protocol Staking Activities like crypto staked in a proof-of-stake blockchain don’t need to register with the Commission transactions under the Securities Act.

  • The SEC’s Division of Corporation Finance stated that common protocol staking activities on proof-of-stake blockchains do not require registration under securities laws.

  • The agency clarified that staking rewards are earned as compensation for services provided by node operators, not as profits from others’ efforts, and therefore do not qualify as securities.

  • Custodial staking was also excluded from securities classification, as custodians act merely as agents and don’t control staking decisions or rewards distribution.

Hyperscale Data plans to invest $10M in XRP to power a lending platform for companies.

  • Hyperscale Data plans to invest up to $10 million in XRP as it prepares to launch an XRP-powered enterprise lending platform in Q3 of 2025. The platform will target publicly listed US companies.

  • The platform will allow eligible firms on the NYSE, NYSE American, and NASDAQ to borrow XRP using either traditional collateral or equity-linked convertible instruments.

  • Meanwhile, the Chicago Mercantile Exchange (CME) launched regulated XRP futures, recording $86.6 million in volume during the first week. This volume was largely driven by international trading outside US hours.

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