Investments in institutional Bitcoin products continued to decline over the past week.

In his July 26th Digital asset capital flows reported, CoinShares notes that institutional crypto products have seen outflows for the third straight week, with $ 28 million exiting the sector in the week ending July 23rd.

The results showed that Bitcoin-based funds saw the largest outflows, with $ 24 million, or 85% of the combined outflows from crypto products. Monthly outflows for BTC now stand at $ 49 million, although outflows remain positive at $ 4.1 billion since the start of the year. CoinShares stated:

“Last week’s outflows suggest that despite recent constructive comments from key industry players, the asset class is still negatively influenced.”

Ether products also saw $ 7.3 million outflows during the week, while multi-asset funds bucked the trend with total net inflows of $ 3.1 million. The report added that multi-asset funds are the only class of crypto investment products to have seen net inflows for every week of 2021 so far.

Despite the downturn, leading crypto asset manager Grayscale posted an inflow of $ 2.5 million during the reporting period. Its latest Assets under Management Bulletin reports total assets under management of $ 33.6 billion as of July 27.

Related: Institutional sales of crypto hit longest streak since February 2018

CoinShares concluded that investment product sales remained low at $ 1.7 billion for the week – that’s just 22% of the weekly average for May.

However, CoinShares data was recorded ahead of Monday’s bullish market action, which saw Bitcoin gain 15% in less than three hours.