A new report from market data aggregator CoinShares has revealed recent surging crypto inflows amid record gold outflows.

The report, published Dec. 7, notes that gold investment products have seen record outflows of $9.2 billion over the past four weeks, while BTC products saw inflows of $1.4 billion.

The combined crypto fund sector saw record inflows of $429 million over the past two weeks, with Ethereum funds attracting significant investment following the completion of Eth2’s Phase 0 with the launch of the Beacon Chain on Dec. 1.

Despite representing 14% of the capital locked in crypto investment products, 20% or $87 million of the past week’s capital flows were invested into funds offering exposure to Ethereum.

The report estimates that a total of $14.9 billion is currently being managed across crypto investment products, of which Grayscale Investments represents more than 83%.

CoinShares estimates that Grayscale received more than $336 million in investments during the last week. ETC Issuance ranked second-among crypto providers with inflows of $19 million, followed by 21Shares with $13 million.

Recent price action has seen the percentage of the sector’s combined assets under management represented by monthly inflows spike to its second-highest level ever, beaten out only by the surging inflows identified in the run-up to Bitcoin’s 2020 halving. The past month’s inflows represent roughly 0.4% of the sector’s combined AUM.

While more than $4.8 billion has flowed into crypto funds this year, the figure is equal to just 10.5% of the $45.7 billion that has moved into gold investment products this year.