Institutional crypto flows in May revealed a divergence between spot ETFs and digital asset treasuries. Bitcoin ETF flows peaked early in the month at +46.8k BTC but ended with net redemptions of -33.1k BTC. Ethereum followed a similar pattern, with ETF flows starting at +283.4k ETH and closing at -261.5k ETH. In contrast, digital asset treasuries continued to accumulate, with Bitcoin DAT flows ending at +42.9k BTC and Ethereum at +330.8k ETH. Stablecoin flows also saw significant shifts, reversing from a +$6.1B peak to a -$2.5B net outflow by month-end, indicating a reduction in dollar liquidity. Meanwhile, Ethereum's DeFi total value locked (TVL) fell to $41.7B, despite a slowdown in outflows, suggesting the end of a forced deleveraging phase. Additionally, CME basis yields for Bitcoin and Ethereum returned to positive territory, reviving the cash-and-carry trade and restoring a positive carry to market-neutral strategies.