Cryptocurrency investment products have seen their assets under management plunge in May over falling cryptoassets prices in a sell-off exacerbated by the collapse of the Terra ecosystem, which saw LUNA and its algorithmic stablecoin become nearly worthless.

According to CryptoCompare’s Digital Asset Management Review, in May Bitcoin investment products’ assets under management fell 26.8% to $24 billion, but gained market share to now represent 70.1% of total assets under management.

Ethereum investment products, meanwhile, saw their assets under management fall 33.9% to $8.52 billion, while “other” and “basket” investment products fell 30.1% and 32.7% to $1.118 billion and $509 million respectively.

CryptoCompare’s report details that weekly net inflows averaged $66.5 million compared to average weekly outflows of $49.6 million in April. Bitcoin-based investment products led the market when it comes to inflows, averaging $63.4 million a week, while Ethereum investment products saw $13.2 million in outflows per week.

The report details that every company saw their assets under management fall significantly last month, with the largest dollar value being Grayscale, which lost almost $10.6 billion in assets under management- The largest percentage decrease, it adds, belongs to Bitwise, which saw its AUM drop 33.8%.

Purpose, the report adds, was the only company to see a rise in assets under management, as it purchase 6,277 BTC and 81,436 ETH when prices fell, which helped reduce its losses in assets under management.

The report comes shortly after JPMorgan said that cryptocurrencies are now the bank’s preferred alternative asset, as a major sell-off in the cryptocurrency space after the collapse of the Terra ecosystem hurt cryptos more than other alternative investments including private equity and private debt.

The sell-off in cryptocurrency markets seen earlier this year suggests there’s more room for cryptos to rebound, JPMorgan strategists wrote in a note

To JPMorgan’s analysts, the fair price for BTC is $38,000, Investors have moved away from riskier assets including cryptoassets this year over rising inflation and interest rates and Russia’s invasion of Ukraine.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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