Grayscale Bitcoin Trust (GBTC) Surges Past $10 Billion Assets Under Management
Digital asset manager Grayscale continues to amass more and more Bitcoins as the Grayscale Bitcoin Trust (GBTC) clocks over $10 billion of assets under management (AUM). In the latest update, Grayscale notified that the total assets under management have also moved past $12 billion meaning the GBTC contributes a whopping 83% of its total value.
The latest development comes as the BTC price crosses the $19,000 mark hitting its new 2020-high on Tuesday, November 24.
11/24/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $12.1 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/TdOlGc1May
— Grayscale (@Grayscale) November 24, 2020
November 2020 remains one of the biggest months of growth for Grayscale. The digital asset manager has added an additional $2 billion in total AUM just within a week of crossing the $10 billion milestones.
In it interesting to note that the Grayscale Bitcoin Trust (GBTC) assets under management have surged 52% so far in November. The GBTC has added $3.6 billion worth of Bitcoins as the institutional FOMO triggers. In one of its recently published investor surveys, Grayscale mentions that investors are showing significant interest in safe-haven assets.
This is not surprising looking at the global economy contours in the wake of the COVID-19 economic crisis. Grayscale explains how Bitcoin potentially shows the safe-haven characteristics driving massive investor interest. Against the ongoing liquidity crisis and fears of inflation, Grayscale also explains BTC’s role as a potential inflation hedge.
Our second #Bitcoin Investor Survey revealed significant interest in safe haven assets – not surprising given the events of 2020. #Bitcoin's ability to show some safe haven characteristics continues to drive interest among investors. Learn more. $BTC https://t.co/QsJJd5aWVX
— Grayscale (@Grayscale) November 24, 2020
Grayscale Ethereum Trust (ETHE) Nears $1.6 Billion AUM
Although significantly smaller in size compared to GBTC, the Grayscale Ethereum Trust (ETHE) has registered nearly 60% growth this month in November 2020. As per the latest update, the ETHE has a total of $1.598 billion of assets under management and is the second biggest crypto investment vehicle after GBTC.
The latest development comes as the Ether (ETH) price has been flirting around $600 levels. After moving past $600 on Tuesday, the ETH price failed to sustain those levels and has corrected nearly %% since then. At press time, ETH is trading at $586 with a market cap of $66.5 billion.
After a major rally over the last weekend, it looks like Ethertuem (ETH) is facing bearish pressure as of now. Despite that, ETH remains at one of the top-performing cryptocurrencies with over 330% year-to-date returns.
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
