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Large outflows continued to hit Bitcoin (BTC) and Ethereum (ETH) over the past several hours, while capital rotated heavily into stablecoins—especially Tether (USDT)—and selectively into a handful of altcoins such as XRP (XRP) and Zcash (ZEC), underscoring a defensive, risk-managed posture across the crypto market.

Data compiled by Cryptometer as of May 18 at 02:55 a.m. UTC (10:55 p.m. ET on May 17) shows that, over the previous five hours, fiat inflows into crypto were led by the U.S. dollar at $7.5 million, followed by Brazil’s real at roughly $899,000 and Turkey’s lira at about $826,000. Most of the dollar-denominated inflow was routed toward a small cluster of assets—including XRP (XRP), Zcash (ZEC), and USD Coin (USDC)—rather than broadly distributed across majors.

Cryptometer’s flow breakdown indicated that stablecoin allocations were spread across multiple crypto assets, with USDT seeing $5.42 million and USDC posting $2.30 million in dispersal to tokens and coins. On the inbound side, the largest recipients were XRP (XRP) at $3.29 million and Zcash (ZEC) at $2.80 million. Bitcoin (BTC) and Ethereum (ETH) still drew modest inflows—$2.19 million and $1.20 million, respectively—alongside Uniswap (UNI) at $1.14 million and Solana (SOL) at approximately $828,000.

Despite those pockets of demand, the dominant market signal remained heavy selling pressure or de-risking from major assets. Over the same five-hour window, Bitcoin (BTC) recorded $34.99 million in outflows, while Ethereum (ETH) saw $31.03 million leave the asset. Additional outflows were recorded in Dogecoin (DOGE) at $3.79 million, PAX Gold (PAXG) at $2.77 million, BNB (BNB) at $1.63 million, and Wrapped Bitcoin (WBTC) at $1.44 million.

The destination of much of the exiting capital was clear: USDT absorbed $57.67 million, with USDC taking in $8.92 million, suggesting traders moved to 'stablecoin parking' rather than exiting the crypto ecosystem entirely. At the same time, some capital appeared to settle back into fiat rails, with $11.98 million flowing into U.S. dollars, $6.13 million into the Korean won, and $1.71 million into euros.

The pattern—major-asset outflows paired with stablecoin concentration and selective altcoin inflows—often points to a market prioritizing 'liquidity preservation' and tactical positioning. If sustained, elevated stablecoin absorption can function as dry powder for future re-entry, but in the near term it also reflects heightened caution as investors reduce exposure to volatile beta while keeping capital readily deployable.