Major crypto gains outpace S&P 500 in May, analysis shows

Major cryptocurrencies are outperforming the U.S. stock market this month, CoinDesk reported via X. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB have risen 6% in May, surpassing the S&P 500's 4.3% gain. The media outlet attributed this trend to strengthening accumulation, evidenced by a flow of stablecoins into exchanges alongside continued withdrawals of major cryptocurrencies. For instance, Binance has seen a net inflow of stablecoins but a net outflow of major cryptos. Such exchange withdrawals are typically interpreted as moves to self-custody or institutional accumulation. Looking at the broader market, net inflows to exchanges have reached $3.3 billion. CoinDesk noted that this figure, being larger than the $1.51 billion in net inflows to ETFs, suggests that traders, rather than institutions, are currently driving the market. This dynamic is similar to a period last October when, despite ETF outflows after a BTC high of $124,000, prices continued to rise for several weeks, buoyed by demand on exchanges.