Inflows into crypto funds quadrupled last week, a sign of positive sentiment among investors as bitcoin's price climbed back above $40,000.

Crypto funds saw inflows of $85 million during the seven days through Friday, according to a report Monday from the digital-asset manager CoinShares. It was the third straight week of net inflows.

The majority of the inflows come from the Americas, according to CoinShares. Brazil and Canada accounted for 88% of the total inflows last week.

Bitcoin (BTC) has partly recovered some of its steep losses from the first week of 2022, trading at around $43,887 at press time, up from $32,900 just a couple weeks ago. The price is still well off its all-time high of almost $69,000 in November.

About $71 million flowed into bitcoin-focused funds last week, the largest amount since early December.

Despite the overall bullish sentiment, Ethereum-focused funds saw outflows of $8.5 million, which was less than last week’s $26.8 million in outflows. Ether (ETH), Ethereum blockchain’s native cryptocurrency, was up 16% in the past five days, but is still down 2.2% compared with a month ago.

"Investment products flows for Ethereum suggest investors remain bearish," CoinShares wrote. This is the ninth straight week of outflows for Ethereum-focused funds.

Prior to the recent three-week streak of inflows, crypto funds had experienced $532 million in outflows over the prior five weeks.

Crypto funds focused on altcoins like solana, polkadot and cardano all saw inflows. Terra-focused funds saw their first significant inflows last week, totaling $1.4 million, which represented 26% of total assets under management, CoinShares wrote.

Binance coin (BNB) and Tron are two other assets that saw losses besides ether last week; BNB-focused funds had outflows of about $700,000, and Tron-focused funds had outflows of about $500,000.