Digital assets manager CoinShares says institutional investors poured hundreds of millions into crypto investment vehicles last week in spite of market-wide sell pressure.

In its latest Digital Asset Fund Flows report, CoinShares says that last week, institutional crypto investment products saw net inflows of $308 million.

“Digital asset investment products saw a continuation of inflows last week totaling US$308m, although this masks the largest single day of outflows on the 19th December totaling US$576m, with total outflows in the final 2 days of last week at US$1bn.”

According to CoinShares, last week’s hawkish Federal Open Market Committee (FOMC) release resulted in a $17.7 billion loss in assets under management (AuM) by crypto exchange-traded products (ETPs).

“While these outflows may sound alarming, they comprise just 0.37% of total AuM, ranking as the 13th largest single-day outflow on record. The largest single-day outflow took place in mid-2022, when the FOMC interest rate hike prompted US$540m outflows (2.3% of AuM.)”

Bitcoin (BTC), per usual, led the way with $375 million in inflows. While Ethereum (ETH) and XRP products enjoyed $51.3 million and $8.8 million in inflows each, multi-asset investment products, those investing in a basket of cryptos instead of just one, saw a significant uptick in outflows.

“The most dramatic flows were from multi-asset investment products, which saw US$121m of outflows last week.”