Flows back into cryptocurrency after two weeks of displacement

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Data from cryptocurrency management CoinShares showed that cryptocurrencies attracted inflows last week after an unprecedented exodus in the previous two weeks, with investors taking advantage of price drops in the market.

Inflows into crypto products and funds totaled $74 million last week. This followed a record outflow of $151 million in inflows in the previous two weeks, representing 0.3 percent of assets under management.

Coinshares data showed that bitcoin products continued to experience outflows last week of about $4 million. This brings the total outflows over the past three weeks to $246 million. But for the year, Bitcoin still showed an inflow of $4.4 billion.

The world’s most popular cryptocurrency was up 3 percent last week, and it was last up 3.8 percent at $38,104.

Ether, the second largest cryptocurrency by market capitalization, attracted inflows of $47 million, bringing the total inflows since the beginning of the year to 973 million.

The price rose 13 percent last week, but fell 41 percent in the previous week.

Investment product flows also showed that cryptocurrencies other than Bitcoin and Ether remained popular with inflows into Cardano, Polkadot and Ripple.

Assets under CoinShare, the second largest and largest digital asset manager in Europe, were at $3.9 billion at the end of last week, down from about $6 billion two weeks ago.

(Reuters)





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