Cryptocurrency investment products saw outflows totaling $942 million over the past week, after seven weeks of inflows that totaled more than $12 billion amid “hesitancy” among investors that came as a result of a recent cryptocurrency market correction.

According to CoinShares’ Digital Asset Fund Flows report, trading volumes in exchange-traded products (ETPs) remained high over the past week at $28 billion, a figure that represents two-thirds of the volumes seen in the prior week, after a price correction saw the total assets under management of these products drop by $10 billion to $88 billion.

The report notably details that Bitcoin-focused investment products suffered $904 million of outflows, while Ethereum-focused products saw $34.2 million of outflows. Altcoins including Solana and Cardano also saw outflows of $5.6 million and $3.7 million respectively, with multi-asset products seeing $7.3 million of outflows.

Notably, investment products offering exposure to XRP saw $1.2 million of inflows, while those offering exposure to Polkadot ($DOT) saw $5 million of inflows.

As CryptoGlobe reported, spot Bitcoin exchange-traded funds experienced record net outflows over the past week amid market uncertainty, with the price of Bitcoin dropping from a new all-time high above the $73,000 mark to a low around $61,000 before recovering.

In the past week alone, a staggering $888 million bid farewell to these funds, marking the longest run of net outflows to date. This new record surpasses the previous four-day streak set just a couple of months ago in January. Monday, March 18th, stood out as a particularly grim day, with Grayscale’s GBTC bearing the brunt of the outflow onslaught.

Last Friday, Coinbase Research shed light on a potential source of selling pressure that could be influencing the spot Bitcoin ETF market. The bankruptcy estate of Genesis Global is reportedly gearing up to sell a substantial chunk of GBTC shares, separate from the shares pledged as collateral for a loan from Gemini Earn users.

While the dots have yet to be officially connected, the timing of the significant changes in GBTC shares outstanding is certainly raising eyebrows.

Featured Image via Pixabay