Institutional investors not scared by Bitcoin sell-off - Grayscale report
|- Institutional interest in cryptocurrencies increased in the third quarter.
- Ethereum (ETH) and Ethereum Classic (ETC) are the most popular altcoins.
Institutions are increasingly interested in digital assets, according to the third quarter report published by Grayscale Investments. The cumulative inflows amounted to $254.9 million in the reporting period, which is three times as much as in the second quarter ($84.8 million).
Grayscale Bitcoin Trust remains the most popular instrument among investors, In the third quarter, it attracted $171.7 million (over 67% of the total amount).
" In 3Q19, we saw the heaviest quarterly inflows to Grayscale Bitcoin Trust in the product’s six-year history, including nearly $75 million in a single day. July inflows also reached the highest level we’ve seen in a single month, well above the previous high of $64.7 million raised in December 2017," the company said.
Notably, the experts emphasized the growing interest in altcoins. In 2019 the inflow in altcoins funds reached $104.4 million. When it comes to altcoins. investors tend to choose Grayscale Ethereum Trust and Grayscale Ethereum Classic Trust. These products raised $77 million and $24.9 million respectively.
Apparently, the institutional players were not discouraged by an unimpressive price movements on the cryptocurrency market. In the third quarter, Bitcoin retreated from the area above $11,000 and hit the low at $7,728. At the time of writing, BTC/USD is hovering marginally below $8,000. It has lost over 22% on a month-on-month basis, though the coin is still over 100% higher than in the beginning of the year.
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