u.today
- Ethereum is gaining on Bitcoin
- Institutional money is still here
Cryptocurrency asset management firm Grayscale Investments has logged its strongest quarter to date in spite of the precipitous market crash in March.
According to its new report, the firm managed to raise $503 mln in Q1. This figure represents more than 80 percent of the total capital the firm managed to raise during the previous year.
Ethereum is gaining on Bitcoin
Grayscale Bitcoin Trust (GBTC), the firm's crown jewel, recorded $388.9 mln worth of investments, bringing their total amount to a staggering $818 mln.
Notably, the Ethereum Trust (ETHE) saw higher weekly inflows than GBTC after 'Black Thursday' of March 12.
GBTC and ETHE logged $29.9 mln and $8.5 mln worth of average weekly investments, respectively.
Institutional money is still here
The Grayscale report shows that institutional investors were largely responsible for the record-breaking quarter, with 88 percent of the $503 mln figure coming from their pockets.
This should be a comforting sign for those who are worried about institutional money is leaving the cryptocurrency industry after the March crash.
It is also worth mentioning that the lion's share of Grayscale investors is based overseas.