Crypto funds at asset managers such as CoinShares, Bitwise, Grayscale, ProShares and 21Shares ended an 11-week run of inflows last week, registering net outflows of $16 million, according to CoinShares’ latest report.

Bitcoin BTC -2.28% -based funds dominated, registering $32.8 million in outflows last week, with short Bitcoin investment products also witnessing $0.3 million in outflows. However, trading activity remained above average — totaling $3.6 billion last week compared to the $1.6 billion yearly average.

The outflows coincide with a decline in the price of Bitcoin over the past week, falling around 5% to end an eight-week streak of consecutive weekly gains. Bitcoin currently trades at 40,925, according to The Block’s price data.

BTC/USD price chart. Image: The Block/TradingView.

Mixed regional flows suggested the turnaround was more about profit-taking than a shift in sentiment toward the asset class, CoinShares Head of Research James Butterfill said. The net flows were mainly driven by the U.S. and German markets, which witnessed $18.3 million and $9.7 million in outflows, respectively. Conversely, Switzerland registered inflows of $9.1 million, and Canada $6.9 million.

Weekly crypto asset flows. Image: CoinShares.

Ether and Avalanche also witnessed outflows — while Solana, Cardano and XRP bucked the trend

Ether and Avalanche AVAX -3.92% -based investment products also witnessed outflows, with $4.3 million and $1 million exiting the funds, respectively.

Solana SOL -5.24% , Cardano and XRP products were the primary beneficiaries, Butterfill said, bucking the trend by registering $10.6 million, $3 million and $2.7 million worth of inflows, respectively. Additionally, Chainlink-based funds witnessed inflows of $2 million.

Blockchain equities also experienced more positive sentiment last week, with inflows totaling $122 million, adding to a nine-week streak of $294 million — the largest run to date.