Institutional crypto products have seen their fifth consecutive week of outflows despite the bullish momentum in the markets. 

In its Monday “Digital Asset Fund Flows Weekly” report, institutional asset manager CoinShares estimated that outflows totaled $26 million for the week. However, the report notes that outflows have shrunk compared to May and June when outflows surged to a record $141 million per week.

Despite Bitcoin (BTC) gaining 17.5% over the past week, Bitcoin funds shed $33 million during the same period.

CoinShares’ own BTC product was the biggest loser for the period with an outflow of $63.3 million, while the world’s largest crypto asset manager, Grayscale, remained flat. According to Grayscale’s latest update on Tuesday, the combined value of assets managed by its funds has climbed back above $40 billion for the first time since mid-May.

However, Ether-based investment products saw inflows of $2.8 million for the week as Ether (ETH) rallied after last week’s successful London upgrades. Ether products now represent 26% of capital invested into institutional crypto products.

There were minor inflows for some altcoin funds, including XRP, Bitcoin Cash (BCH), Cardano (ADA) and multi-asset funds, each of which saw inflows of between $1.1 million and $800,000.

CoinShares also noted that 2021 has already seen a record 37 new crypto funds launched so far, beating out the 30 cryptocurrency funds that were launched during 2018:

“We have seen the number of funds/investment products listed accelerate recently with a record 37 launched this year compared to the previous high of 30 seen in 2018.”

Following therecent market momentum, the combined assets under management (AUM) of all institutional crypto products have surpassed $50 billion — its highest level since mid-May.

Related: Institutions continue offloading BTC exposure despite price rebound

CoinShares has also published its financials for the first half of 2021, revealing a total income of $81.2 million. As such, CoinShares has already tripled what it earned for the entirety of 2020 during the first half of this year.

As of June 30, 2021, CoinShares’ total AUM was $3 billion, up 27.6% compared to the end of December 2020.