Ethereum investment products saw a record inflow of $ 50 million last week, suggesting a bearish sentiment among institutional investors.

According to CoinShares’ Digital Asset Funds Flow Weekly report, Ether products have now seen outflows for three consecutive weeks, with $ 64.3 million exiting the sector since last week.

Despite the drop in prices, $ 943 million has been poured into ether investment products since early 2021.

The crypto investment products sector saw total outflows for the fourth straight week, with $ 44 million out of the sector in the last seven days. The report estimates that $ 313 million has been withdrawn from the institution’s crypto products since mid-May.

While crypto products saw widespread outflows last week, Ether saw its largest outflow, with Bitcoin outflows slowing to $ 1.3 million – down from $ 89 million last week. There have been seven consecutive weeks of BTC inflows since the beginning of May.

Several funds have seen small inflows into their Bitcoin products, including Grayscale, which shows mixed sentiment among investors regarding BTC.

CoinShares also noted that many assets are still bucking the trend by re-posting weekly cash flows, stating:

“Multi-digital asset investment products continue to buck the trend, with an inflow of $ 6 million last week, showing that investors still prefer digital assets but want diversification.”

Institutional exposure to crypto investment products hit a record during the peak of the bull market earlier this year, but investors took profits during the downturn.

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The second and third largest crypto asset managers, CoinShares and 3iQ, saw the highest total asset flows this week at $ 56.4 million and $ 27.1 million, respectively. Industry leader Grayscale remains relatively stable with a small cash flow of $ 1.3 million for the week.

Ethereum investment products have outperformed Bitcoin in the past few months – with Ether products seeing inflows while BTC products being withdrawn less than a month ago – but institutional cravings for the world’s second largest crypto asset seems to be fading.

At press time, ETH price is trading 8.5% for the day to $ 2,135 while BTC is trading at $ 34,900 after rising 1.8% in the past 24 hours, according to CoinGecko.