Since a “wave of negative sentiment” formed in February, digital asset products have shed $7.2 billion worth of assets, the most dramatic stretch of outflows on record, CoinShares Head of Research James Butterfill wrote in a report on Monday.

But he cautioned against substantial concern over last week’s outflows of $795 million across tracked crypto funds, including $751 million from Bitcoin ETFs and nearly $38 million from Ethereum funds.

“I don’t see this as anything particularly ominous or alarming at this point,” Butterfill told Decrypt. “If you look outside the institutional ETF market, we’ve seen Bitcoin prices, in general, outperform that of equities since ‘Liberation Day.’”

Indeed, Bitcoin has held up well against stock indices since U.S. President Donald Trump unveiled, and then mostly paused, tariffs on more than 180 nations earlier this month. Bitcoin initially surged this weekend after the White House indicated that computer chips and smartphones would be exempt from levies, but slid on Sunday after Trump clarified that “NOBODY is getting ‘off the hook.’”

On Monday, the leading cryptocurrency recently rose toward $85,000, showing a 0.4% increase over the past day, according to crypto data provider CoinGecko. On Wall Street, the tech-heavy Nasdaq had meanwhile edged up 0.88%, per Yahoo Finance.

Year-to-date, investors have allocated $545 million to Bitcoin funds and $241 million to Ethereum funds.

After Bitcoin fell as low as $74,700 a week ago, the average investor has appeared willing to buy the dip, but institutions are showing continued pessimism with outflows stretching into their third straight week, Butterfill said.

“Retail [investors] are clearly buying now, but we’re not seeing that on the institutional side,” he said. “It does suggest that institutions are not seeing this as an opportunity just yet.”

Products tracking various cryptocurrencies generated outflows across the board last week, except for XRP. As funds tied to Ethereum and Solana lost $38 and $5 million, respectively, investors allocated $3.5 million to the Ripple-linked token.

Although it does not track XRP’s spot price, the first XRP ETF debuted in the U.S. last week. Dubbed the ​​Teucrium 2x Long Daily XRP ETF, the leveraged ETF debuted last Tuesday.

After pouring $44 billion into products including spot Bitcoin and Ethereum exchange-traded funds last year, investors have now allocated just $165 million so far in 2025, CoinShares said.

Edited by Andrew Hayward