Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday. Total crypto ouflows hit USD 21 million for the week ending June 11. Since mid-May, total outflows reached USD 267 million, representing 0.6 percent of total assets under management (AUM).

Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of USD 12.7 million, data showed. The token has been one of the strongest performers this year. But CoinShares said ether inflows last week were mixed, ”implying mixed opinions among investors.”

Ether was last up 1 percent on the day at USD 2,536. Since hitting a record USD 4,380.64 on May 12, ether has fallen 40 percent. The outflows in bitcoin cooled last week to USD 10 million, significantly lower than the previous record week of USD 141 million, CoinShares data showed. Trading activity in bitcoin products rose 43 percent from the previous week.

Bitcoin rose above USD 40,000 on Monday following tweets from Tesla boss Elon Musk, who said Tesla sold the currency but may resume transactions using it. It was last up 1.8 percent at USD 39,686.

While bitcoin is currently trading 36 percent below its 11-year exponential trend, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to close positions and instead go the other way if they have the emotional and financial resources to do so.

”Bitcoin generally goes way up…Anyone that has held bitcoin for 3.25 years has made money,” said Morehead.Grayscale, the largest digital currency manager, raised its AUM to USD 33.04 billion last week, from USD 30.3 billion the previous week. CoinShares, the second-biggest digital asset manager, saw AUM slip to USD 3.8 billion, from nearly USD 4 billion the week before.