Though inflows into crypto products reached $37.3 million last week, more than two-thirds of that amount (68%) was into short investment products, digital asset investment firm CoinShares said in a new report Monday. Compared to the previous week, last week's total inflows are nearly four times as high.

Germany and Switzerland led inflows in Europe ($14 million and $10 million, respectively), while Hong Kong, on the other hand, saw outflows from long investment products to the tune of $11 million.

American investors were the most skeptical, however, with 95% of inflows in the U.S. moving into short Bitcoin products.

CoinShares’ weekly reports cover investment inflows and outflows in popular ETPs, mutual funds, and over-the-counter (OTC) trusts referencing Bitcoin (BTC), Ethereum (ETH), and other altcoins. Importantly, these are not direct investments into the cryptocurrencies that these products represent.