Digital asset management firm Grayscale is in high demand for the leading investment product Grayscale Bitcoin Trust (GBTC) fund.
Using the latest data published by Grayscale, technical analyst Kevin Rooke followed the average weekly investment transferred to GBTC. Accordingly, the investment, which was $ 3.2 million in the first quarter of 2019, increased 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 general manager of Grayscale, responded to Rooke’s tweet and said that the demand for GBTC is now even stronger:
“2nd. Wait until you see the quarter… ”
The Grayscale Bitcoin Trust is powered by true BTC and offers investors an option to buy the world’s leading cryptocurrency without having to buy the underlying asset directly.
In all its products, including XRP, Bitcoin Cash, Litecoin, Ethereum Classic, Stellar Lumens, Zcash and Horizen, Grayscale reported a total investment of $ 503.7 million in the first quarter of the year.