As Bitcoin fell to its lowest price since February, some institutions likely bought the dip, as digital asset investment products raked in $441 million last week, according to CoinShares data.

Tracking funds across multiple chains, CoinShares wrote that $398 million was targeted by investors at Bitcoin, the largest cryptocurrency by market cap. Meanwhile, funds for Solana and Ethereum saw $16 million and $10 million in allocations, respectively.

The Bitcoin buying comes despite a 9% dip in price over the past week to $56,000, spurred on by the German government’s selling of seized Bitcoin and looming repayments for Mt. Gox’s creditors. So far, Bitcoin-based funds have seen $15.8 billion in inflows this year.

“Recent price weakness prompted by [...] selling pressure [is] likely being seen as a buying opportunity,” CoinShares Head of Research James Butterfill wrote, adding that trading volumes for crypto-related funds remained relatively subdued at $7.9 billion.

This week's allocations follow a period of sustained outflows, where crypto funds bled over $1 billion over the three weeks prior.

From the perspective of inflows, Butterfill wrote that Solana solidified its stance as a top performer among altcoins. Its year-to-date inflows of $57 million have, so far, have outpaced combined allocations to XRP ($18 million), Cardano ($9 million), and Polkadot ($25 million).

A strong week of inflows for Solana- and Ethereum-based funds created unusual conditions, in which Bitcoin attracted just 90% of inflows as well, Butterfill wrote. Typically, Bitcoin accounts for a greater percentage of inflows.

“Because altcoins have been punished much harder [than Bitcoin], investors are taking a broader look at the crypto market,” Butterfill told Decrypt. “It’s that simple.”

Still, Ethereum funds have seen outflows of $15 million so far this year—the only major cryptocurrency in such territory. However, with $10 million in weekly inflows, “Ethereum sentiment seems to have turned,” Butterfill wrote. 

The shift coincides with anticipation toward the approval of regulatory filings that would allow spot Ethereum ETFs to trade. Bloomberg ETF analyst James Seyffart forecast recently that trading for the products could begin later this week.

“Should be an informative day and week on the [Ethereum] front,” Bloomberg ETF Eric Balchunas wrote Monday. “Stay tuned.”

For Ethereum, the listing of spot ETFs in the U.S. could deliver a shot in the arm to the second-largest cryptocurrency by market cap. While first-year inflows could catch $4 billion, per K33 Research, the asset has wavered recently, falling to its lowest price since mid-May.

Though Ethereum’s price was little changed Monday, the asset has given up gains it saw with the Securities and Exchange Commission’s abrupt approval of spot Ethereum ETFs. After climbing as high as $3,900 in May, Ethereum’s price has since drifted to under $3,000.

Edited by Andrew Hayward