According to CoinShares, crypto funds experienced their highest outflow since January last week, as investors withdrew money from bitcoin and Ethereum funds.

The funds had $134 million in net outflows, the second-worst week of the year for funds that handle digital asset investments and a significant reversal following two weeks of strong inflows.

With $131.8 million in redemptions, Bitcoin-related products grabbed the lion’s share of the withdrawals. Inflows into short bitcoin investment instruments, which bet on profiting when bitcoin’s price falls, totaled $2 million, the highest on record.

By early April, the price of bitcoin (BTC), the most valuable cryptocurrency by market capitalization, had risen to $48,000 from $38,000 in just two weeks.

“We suspect the prior week’s price appreciation may have motivated investors to take profits,” the report stated. Lower daily trade volumes ($2.3 billion) than the usual also indicate that investors aren’t very concerned.

Outflows from Ethereum (ETH) funds were $15.3 million, bringing the year’s total outflows to $126 million.

In the meantime, altcoins (excluding Ethereum) and multi-asset funds remained resilient, with $6 million and $5 million in inflows, respectively.

Solana (SOL) led the way in terms of inflows with $3.7 million, down from $8.2 million the week before, bringing its year-to-date inflows to $107 million.

Cardano (ADA) funds received $1 million in inflows, while litecoin (LTC) funds received $600,000.

Outflows were widespread across providers, with both European and American funds reporting outflows, with American funds accounting for 61% of all outflows.

Outflows of $64.5 million and $45.8 million were recorded in funds managed by ProShares and ETC Group, respectively.

Inflows of $32 million were seen in investment products that manage blockchain-related stocks in their portfolio.