Last week’s volatility may have sparked caution among some investors, as digital asset investment products recorded a week of outflows.

Digital asset investment products recorded $126 million outflows, with bitcoin-related funds alone recording $110 million in outflows, according to data from digital asset investment firm CoinShares.

James Butterfill, head of research at CoinShare, dubbed the outflows “minor,” but noted that investors were seemingly hesitant after bitcoin’s positive price momentum appeared to stall.

“Volumes did pick up a little from $17 billion to $21 billion week-on-week, but ETP/ETF activity dropped relative to the overall market, from 40% of total volumes on trusted exchanges over the last month to 31% last week, demonstrating this caution amongst investors,”  Butterfill said.

Things seem to be slowing down on the ETF front with all spot bitcoin ETFs recording $36.7 million worth of daily outflows on Monday. Grayscale’s GBTC led the exodus of funds, with $110 million worth of outflows, while cumulative outflows were offset marginally by the $73.4 million in inflows for BlackRock’s IBIT ETF — the only fund to record inflows on the day.

While altcoins had a mostly positive week, the same can’t be said for the leading altcoin ether, which saw $29 million in outflows, the most on a relative basis.

Solana was another popular altcoin that saw outflows, with SOL-based funds seeing $3.6 million withdrawn over the week. Meanwhile, funds tied to the native tokens of projects like Decentraland (MANA), Basic Attention Token (BAT) and Lido (LDO) saw inflows of $4.9 million, $2.9 million and $1.8 million respectively.