By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) – Cryptocurrencies posted inflows last week after hitting record outflows the previous two, as investors took advantage of price declines in the market, data from digital currency manager CoinShares showed late Tuesday.
Bitcoin products continued to see outflows last week of about $4 million, CoinShares data showed. This brings the total outflow over the last three weeks to $246 million. For the year, however, bitcoin still showed inflows of $4.4 billion.
The world’s most popular currency rose 3% last week and was last up 3.8% at $38,104.
Its price was up 13% last week, but dropped 41% the week before.
Investment product flows also showed that altcoins, or the non-bitcoin, non-ether tokens, remained popular, with inflows into Cardano and Polkadot and Ripple.
Grayscale remains the largest digital currency manager at $33.6 billion, but their assets under management were down from $47.3 billion two weeks ago.
CoinShares, the second-biggest and largest European digital asset manager, oversaw about $3.9 billion in assets as of last week, down from about $6 billion two weeks ago.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Nick Macfie)