Crypto News Bulletin from bitcoinmagazine

Tuesday May 14, 2019 4:23 PM
1 week 5 days ago

Grayscale Reports $3.2 Million Average Weekly Investments in Bitcoin Trust


The first quarter of 2019 was bullish for the digital asset management firm Grayscale Investments and the company is gearing up to have another run.According to a first quarter “Digital Asset Investment Report” from the company, published on May 13, 2019, product inflows from Grayscale Investments grew by 42 percent over Q4 2018. The company revealed that its Bitcoin Investment Trust (BIT) saw the vast majority of investments in the quarter, as the trust secured an average weekly investment of $3.2 million out of the firm’s total weekly investment count of $3.3 million — leaving non-bitcoin investment products driving less than $1 million in average weekly investments.Grayscale's non-bitcoin investments include trusts for cryptocurrencies such as ether, bitcoin cash, XRP and other digital assets.Grayscale also reported that its products saw total investment from hedge funds amounting to less than $1 million in Q4 2018 (It should be noted that these products included the BIT). However, during Q1 2019, inflows from hedge funds surged to a staggering $24 million — an increase of over 2,400 percent. Per the report, hedge fund inflows made up 56 percent of all investment inflows into Grayscale for the quarter, helping to propel a 42 percent increase from $30.1 million in Q4 2018 to $42.7 million.The report also categorized Grayscale’s investors, indicating that 73 percent of them were representatives of financial institution...

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