Crypto asset manager and research firm CoinShares says US tariffs were the likely cause of an outflow of hundreds of millions of dollars last week from digital asset investment products.

In its latest Digital Asset Fund Flows Weekly Report, CoinShares notes crypto products witnessed a $240 million outflow as US President Donald Trump announced steep tariffs against countries around the world.

However, CoinShares says the outflows were “minor,” especially when compared to other asset classes.

“Despite this [outflow], total assets under management remained remarkably stable at $132.6 billion, marking a 0.8% increase over the week. This resilience is especially notable compared to other asset classes, such as MSCI World equities, which saw an 8.5% decline over the same period, underscoring the robustness of digital assets amid economic uncertainty.”

The largest outflows were in Bitcoin (BTC), followed by Ethereum (ETH), Solana (SOL) and Sui (SUI).

“The flows were primarily from Bitcoin, seeing $207 million in outflows, leaving total inflows year-to-date at $1.3 billion. Flows in altcoins were very mixed, with Ethereum seeing $37.7 million outflows, as did Solana and Sui, with outflows of $1.8 million and $4.7 million respectively. More esoteric tokens such as Toncoin saw inflows of $1.1 million.”

Lastly, CoinShares says that blockchain-related stocks performed well last week.

“Blockchain equities saw inflows for the second consecutive week totaling $8 million as investors see recent price weakness as a buying opportunity.”

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