Institutional inflows to altcoin investment products accept continued to increase this past week, simply the same cannot be said for Bitcoin (BTC).

In its "Digital Asset Fund Flows Weekly" report on Monday, institutional asset manager CoinShares identified overall inflows of $24 million to altcoin-based investment products. The uppercase flows mark the second consecutive week of inflows to altcoin funds, with investments into altcoin products increasing by 14.iii% compared to terminal week's $21 one thousand thousand.

Ether (ETH) was the favored asset among institutional investors, with ETH-based products posting a weekly arrival of $17.2 million. The report noted that products tracking Ether and other altcoins at present stand for 32% of the sector's total avails under direction (AUM) — just 3% shy of mid-May's record of 35%.

Cardano-based institutional funds posted record weekly inflows with $10.ane meg, representing 32% of the week's total altcoin inflows. Cardano-based instruments now hold 0.15% of the upper-case letter locked in crypto investment products combined.

The surge in Cardano (ADA) inflows is attributed to anticipation for the network'south Sept. 12 Alonzo upgrade, which volition meet the project launch smart contract functionality for the first time.

Polkadot and Solana-based funds likewise saw inflows with $ane.5 one thousand thousand and $2.7 million, respectively. Solana (SOL) has now surpassed Bitcoin Cash (BCH) for assets under management in related funds with $16 million, ranking ninth in terms of AUM with BCH funds in tenth.

Despite the bullish momentum surrounding altcoins, the written report noted that Bitcoin products continue to see outflows, with a loss of $3.8 million for the period. As such, Bitcoin products have posted outflows for xiv of the past 16 weeks.

CoinShares estimates that institutional nugget managers currently stand for an AUM of $56.8 billion combined — attributing the slight week-over-week drop in sector-wide AUM to persistent outflows from Bitcoin-based products.

Related: Bitcoin investment products still suffering outflows despite cost recovery

Looking at the performance of fund issuers, CoinShares' own Bitcoin fund saw the heaviest losses this past week with an outflow of $14.5 one thousand thousand. ETC Issuance saw the largest inflow at $fourteen.ane million.