Grayscale record inflow of funds: why bitcoin stuck around $ 8K?
Grayscale record inflow of funds: why bitcoin stuck around $ 8K?

If everything is so good, then why is the price of Bitcoin completely unresponsive: trading volumes are falling,..

Grayscale Investments has begun good times. The investment company experienced the best quarter in its history, as evidenced by the influx of funds into funds of $ 254.9 million, which is almost 3 times more than in the second quarter at $ 85 million. Most of the funds went to Bitcoin through the Grayscale Bitcoin Trust, this, more than $ 170 million already flooded the fund, which was another record for the company. The trend remains to attract institutional capital from hedge funds, with more than three quarters of the capital inflows coming from this group.

 

If everything is so good, then why is the price of Bitcoin completely unresponsive: trading volumes are falling, and the price is stuck around $ 8,300. Even worse, serious catalysts appeared on the market in 2019, including Fidelity and supply futures on Bakkt. In response to this, the market simply “yawned”.

 

EToro lead analyst Mati Greenspan shared his vision on Twitter. He believes that now the cryptocurrency market is simply gaining strength. Greenspan referred to the top 10 crypto exchanges, which, according to Messari, show a trading volume of “less than $ 200 million.” In recent months, before the volumes were in a rut, this volume amounted to about $ 4 billion. Meanwhile, the debut of supply futures from Bakkt turned out to be very weak, and until October 15 the site was able to show a total of 41 contracts.

 

The volume of transactions in the Bitcoin network is also reduced, and this is the very money that is sent to the network. Nevertheless, judging by the BTC hashrate, which is at a historic high, “miners are completely confident in the prospects.” Judging by this indicator, there is no reason to seriously worry about a market downturn

img
img

Nathan George

Blogger and Influencer

Related Post
shibainu
Join to Us
Newsletter

Stay Updated on all that's new add noteworthy

Subscribe Now