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.