Bitcoin-related investment products saw the most inflows among crypto investment products last week, which marked the tenth consecutive week of inflows totalling $1.76 billion.

CoinShares’ report examining weekly fund flows into crypto investment funds showed that Bitcoin funds saw inflows of $133 million, accounting for the bulk of the $176 million inflows into digital asset funds last week.

Ethereum-related funds came in a distant second, with $31 million worth of inflows recorded over the last week, while blockchain equities rounded out seven weeks of consecutive inflows with $17.4 million flowing in last week. 

Read more: Should First-Time Bitcoin Investors Buy Now or Wait for the ETF?

A Bitcoin-focused investment environment has been a common theme this year, with the market leading digital asset rallying almost twice as much as Etheruem. 

However, market participants who have been through several bull cycles in the past, believe that Bitcoin’s dominance is just the beginning of a wider rally in the crypto market. In previous cycles, an almost-exclusive Bitcoin rally has been followed by a run in Ethereum, and then altcoins.

Interestingly, the types of investors who appear to be interested in this particular cycle don’t seem to be average retail traders, but rather, bigger institutional investors. Research from Bybit found that institutions increased their Bitcoin holdings by twofold in the initial quarters of 2023.

Read more: Bitcoin Is Finishing Out 2023 as More Valuable Than the Rest of the Entire Crypto Ecosystem

These investors hold more than 50% of their portfolios in Bitcoin and Ether, while retail investors largely dominated the stablecoin space.