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Digital asset investments products recorded outflows for the first time in four weeks totalling $528 million, according to investment firm CoinShares, as Bitcoin tumbles below $55,000.

In its Aug. 5 digital asset fund weekly report, CoinShares attributed the massive outflows to recession fears in the United States, ongoing geopolitical concerns, and widespread liquidations across most asset classes.

Bitcoin (BTC) experienced outflows totaling $400 million, marking a reversal after five consecutive weeks of inflows, per the report. Conversely, short-Bitcoin products saw their first notable inflows since June, amounting to $1.8 million.

Ether (ETH), the second-largest cryptocurrency after Bitcoin, experienced $146.3 million in outflows. Popular altcoin Solana (SOL) also recorded outflows at $2.8 million.

Conversely, multi-asset crypto investment products enjoyed inflows of $18.1 million, while short-Bitcoin products also saw inflows of $1.8 million last week.

Last week’s exchange-traded products (ETP) trading volumes totaled $14.8 billion, falling below the average market share by 25%, the report noted. The price correction on Aug. 2 further erased $10 billion from the total ETP assets under management.

Bleeding was also seen from US-listed exchange-traded funds (ETFs), European ETPs, and blockchain equities, according to the report.

Read more: Bitcoin, Ether ETFs see outflows as BTC, ETH price tumbles

Regionally, the majority of outflows, totaling $531 million, originated from the US. Germany and Hong Kong also experienced outflows of $12 million and US$27 million, respectively. Among the tracked nations, Sweden had the most modest outflows at $6.8 million.

On the other hand, Canada and Switzerland viewed the price weakness as a buying opportunity, adding $17 million and $28 million, respectively. Inflows were also seen in Australia ($3.4 million) and Brazil ($100,000).

The new report comes as Bitcoin flirts with the $50,000 mark amid a phenomenon described by the market community as a “black swan.” The largest crypto asset by market capitalization experienced a sharp decline from about $59,000 to as low as $49,000 within 24 hours before rebounding to between $50,000 and $52,000, as of writing.

QCP Capital attributed the sudden market downturn to Jump Trading and Paradigm VC’s “aggressive” Ether selling. Some observers also pointed to a combination of macroeconomic factors, including the US Federal Reserve keeping interest rates steady, tech stock market issues, and geopolitical tensions in the Middle East.

Read more: Bitcoin falls to $50K, buy the dip sentiment subdued — Santiment