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Revealed: Institutional Crypto Giant Buying $29,900,000 in Bitcoin (BTC) Per Week

by Daily Hodl Staff
May 26, 2020
in Bitcoin
[the_ad id="93550"]

Digital asset management firm Grayscale is seeing demand skyrocket for its flagship investment product Grayscale Bitcoin Trust (GBTC), indicating that institutional money is flowing into the top cryptocurrency.

Using recent data released by Grayscale, analyst Kevin Rooke is tracking the average weekly investment in GBTC, which soared from $3.2 million in the first quarter of 2019 to $29.9 million in the first quarter of 2020.

Grayscale's Bitcoin Trust is on a whole new level in 2020.

Average weekly investment (Q1 2019): $3.2 million
Average weekly investment (Q1 2020): $29.9 million

Institutional money has arrived. pic.twitter.com/5BMJURWqBZ

— Kevin Rooke (@kerooke) May 23, 2020

Barry Silbert, founder and chief executive of Grayscale, replied to Rooke’s tweet and says demand for GBTC is even stronger now.

“Just wait until you see Q2…”

The Grayscale Bitcoin Trust is backed by real BTC, giving investors a way to to gain exposure to the world’s leading cryptocurrency without having to directly purchase the underlying asset.

Across all of its products, which cover XRP, Bitcoin Cash, Litecoin, Ethereum Classic, Stellar Lumens, Zcash and Horizen, Grayscale reported a total inflow of $503.7 million in the first quarter of the year.

[the_ad id="95413"]

The firm says investors are increasingly interested in its products despite the current risk-off environment.

“88% of inflows this quarter came from institutional investors, the overwhelming majority of which were hedge funds. The mandate and strategic focus of these funds is broadly mixed and includes Multi-Strat, Global Macro, Arbitrage, Long/Short Equity, Event Driven, and Crypto-focused funds.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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