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Inflows into cryptocurrency investment funds rose sharply last week, with Ether (ETH) products breaking a nine-week spell of outflows in the latest sign that institutional managers were re-accumulating assets. 

Digital asset investment products registered $75.3 million worth of cumulative inflows last week, data from CoinShares revealed Monday. Bitcoin (BTC) investment products saw $25.1 million worth of inflows, while Ether products attracted $20.9 million worth of capital.

Positive inflows were also reported for multi-asset funds with exposure to several cryptocurrencies. Solana (SOL), Polkadot (DOT) and Ripple (XRP) products were also net positive for the week.

Crypto asset flows have now risen for four consecutive weeks, offering signs that the massive drawdowns of late 2021 were beginning to reverse course. Over the four-week stretch, crypto funds collected $209 million.

Institutional managers reduced their exposure to cryptocurrency products at the end of 2021, possibly to book profits before year’s end and also to ride out extreme market volatility. Bitcoin’s Fear & Greed Index, which gauges market sentiment, plunged to “extreme fear” in early January. The Index has stabilized in recent weeks, with the latest reading showing that the market has exited the extreme fear stage.

While analysts remain at odds about whether the market has formed a definitive bottom or whether Bitcoin and Ether can expect to re-test their 2022 lows, CoinShares’ inflow data provides a good barometer for institutional investor sentiment. As Cointelegraph has reported, institutional demand for crypto assets has grown substantially over the past year and is playing a bigger role in influencing market dynamics.

Related: Willy Woo: ‘Peak fear,’ but on-chain metrics say it’s not a bear market

Grayscale, which is the largest crypto asset manager, currently has $37.6 billion in assets under management and is looking to convert its flagship GBTC Bitcoin product into an exchange-traded fund (ETF). On Feb. 4, the United States Securities and Exchange Commission once again delayed its decision on Grayscale’s Bitcoin ETF application, opening the door to further public comment on the matter.

Meanwhile, in Canada, the Purpose Bitcoin ETF continues to register large inflows, reflecting strong investor appetite for a spot product.