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Bitcoin-focused investment funds suffered record buyouts by investors last week after the May price drop soured sentiment on the largest cryptocurrency by market value.
Investors repurchased $ 141 million net of bitcoin funds in the seven days through June 4, the highest weekly total on record, according to the report from CoinShares, a digital asset manager. This amount represents around 8.3% of net inflows recorded at the start of the year.
In May, most digital asset funds saw net outflows when the price of bitcoin underwent a correction of nearly 30%.
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Investor sentiment remained broadly negative, although there may be signs the worst is over as investors diversify into the crypto space, according to the CoinShares report.
Investors have shown interest in funds focused on alternative cryptocurrencies, including Ether, XRP, and Cardano.
Investors have invested $ 33 million in funds focused on ether, the native cryptocurrency of the Ethereum blockchain.
Inflows into XRP funds totaled $ 7 million, the highest amount since April.
Cardano and multi-asset products saw inflows of $ 4.5 million and $ 2.7 million respectively, according to CoinShares.
Overall, digital asset funds saw net outflows totaling $ 94 million during the week.
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