Institutional investors just sold an overall total of $414 million in Bitcoin and crypto assets in one week, according to a new update from CoinShares.

It marks the first selloff in five weeks amid concerns over the prolonged Iran conflict and higher inflation.

The US led the outflows with $445 million. Switzerland recorded minor outflows of $4 million.

Germany and Canada bought the dip, adding inflows of $21.2 million and $15.9 million respectively.

Ethereum suffered the heaviest losses with $222 million outflows, pushing its year-to-date flows into a net outflow of $273 million.

Bitcoin saw $194 million outflows but still holds year-to-date inflows of $964 million. Short-Bitcoin products gained another $4 million inflows.

Solana recorded $12.3 million outflows. XRP was one of the few gainers with $15.8 million inflows.

The selloff brought total assets under management to $129 billion.