Institutional investors are diversifying into altcoins amid the latest market downturn. Multi-asset investment products registered another sharp rise in weekly inflows.

Institutional outflows from cryptocurrency funds intensified last week, a sign that fund managers were still taking profits on their Bitcoin (”>BTC) holdings following a historic run-up through April. 

Digital asset investment products saw cumulative outflows totaling $19.5 million for the week ended Friday, marking the fourth consecutive weekly drawdown, according to CoinShares data.

The bulk of the outflows were concentrated in Bitcoin-focused funds, where assets under management declined by $20 million. That, too, was the fourth consecutive weekly decline. Meanwhile, funds dedicated to Ethereum (”>ETH) saw weekly outflows totaling $9.5 million.

Related:”>Ethereum investment products see largest weekly outflows on record — CoinShares

Multi-asset investment products continued to buck the trend as institutional investors increased their allocation by a cumulative $7.5 million. Multi-asset funds have attracted $11.9 million in inflows over the past month. By comparison, Bitcoin funds have seen cumulative outflows totaling $67.8 million over the same period.

As Cointelegraph reported, institutional selling of cryptocurrency in June reached its longest streak since the″>onset of the 2018 bear market. At the time, the Bitcoin price was hovering around the $32,000 mark following several failed breakout attempts. Sentiment has clearly shifted over the past week, with”>Bitcoin briefly reclaiming $42,000 before correcting lower.

Institutions continue to have significant exposure to cryptocurrency investments. By Coinshares’ calculation, the major fund providers have a combined $45.1 billion in assets under management. Institutional”>exposure could rise in the short term if the bullish case for the four-year market cycle is validated.

Related:″>German law allowing institutional funds to hold crypto comes into effect Aug. 2