Grayscale Reveals Blockbuster Q3. So Why Is Bitcoin Stuck?
Times are good at Grayscale Investments, which has had the wind at its back lately. The digital asset investment firm just experienced its best quarter ever, as evidenced by a record-setting $254.9 million flowing into its funds in Q3 2019, which is about three times as much as Q2 results of roughly $85 million. Much of the funds are being directed toward bitcoin via the Grayscale Bitcoin Trust, with more than $170 million flooding the flagship fund and setting yet another record for the firm. Grayscale’s trend of attracting institutional capital from the likes of hedge funds persisted, with more than three-quarters of inflows originating from this group.
If times are so good, however, why does bitcoin seem lost at sea, with trading volume drying up and the BTC price, which is currently hovering at $8,300, stuck in the doldrums? Worse, 2019 has introduced major catalysts to the crypto market, including players such as Fidelity and bitcoin futures exchange Bakkt, whose backer ICE owns the NYSE, jumping into the fray, in response to which the market basically yawned.
Reference: https://www.ccn.com