Over $1 Billion Worth Of New Crypto Investments Seen By Grayscale In The Third Quarter Of 2020
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Grayscale, one of the biggest asset managers of cryptocurrency in the world has recently announced an all-time high of $1.05 billion worth of new crypto investments that the company made in the third quarter of this year. As a result of this announcement, it caused quite a ruckus within the markets. The Grayscale bitcoin trust has been recording a weekly average investment of more than $55 million. This makes it by far the biggest portfolio of cryptocurrency from any asset manager within the industry.
On Twitter, the company said the following:
ANNOUNCEMENT: We just recorded our largest ever quarterly inflows - over $1.0 billion in 3Q20 - making it the third consecutive record-breaking quarter. YTD investment into the Grayscale family of products has surpassed $2.4 billion. Read more. https://t.co/F48x8d0frs pic.twitter.com/PPK5Jbmaxr
— Grayscale (@Grayscale) October 14, 2020
Many within the crypto Community responded with positive intent as many of the top analysts within the industry said that this level of buying is extremely positive and bullish for the future of bitcoin as well as Ethereum.
According to the company, 84% of the buyers come from hedge funds and our institutional investors, and over the course of this year, they have silently been increasing their crypto portfolios.
The announcement by Grayscale is the latest in an ever-growing list of developments within the crypto market at predict trust for bitcoin when it comes to it being a store of value
Currently priced at just over $11,400 at the time of writing following a 0.09% decrease over the past 24 hours, bitcoin is performing relatively well! Over the past seven days, bitcoin is in the green with a 7.27% increase indicating positive things are to come. That being said, please do not take this as investment advice as we are not financial advisers, and investing in a cryptocurrency is very risky. Please do your own research before putting your money into a digital asset such as bitcoin.