May was a brutal month for BTC and ETH ETFs. Not a single day of inflows for either. But Solana? Zero outflows all month. So why did BTC and ETH bleed while SOL held firm? Let's break it down. First, macro headwinds hit risk assets hard. The 10-year Treasury yield pushed above 4.6% in May, driven by US-Iran tensions, rising oil prices, and no rate cuts expected through 2026. When risk-free money yields that much, holding a volatile BTC ETF becomes a tough sell. Meanwhile, the Nasdaq jumped 8.4%, almost entirely powered by AI stocks. Institutions clearly preferred trading AI equities over crypto in May. So why did SOL survive? Simple. Size and yield. The SOL ETF holds around $944 million in assets, compared to hundreds of billions for BTC. It's too small to register on the radar when risk managers start cutting crypto exposure. But here's the real edge. Roughly 81% of SOL ETF inflows went into BSOL, Bitwise's staked version of Solana. BSOL pays about 6% yield on top of price exposure. BTC ETFs only capture price. BSOL captures price plus staking rewards, making it far more competitive when bonds start looking attractive. One month, three very different stories.