Digital currency asset manager Grayscale Investments has raised $1.05 billion into its investment products in the third quarter of 2020.
Today marked the release of its Q3 report which details investment activity across the Grayscale family of products.
The $1.05 billion investment marks the largest inflow in a single quarter in the firm’s history, while year-to-date investment into Grayscale products stands at $2.4 billion.
Grayscale’s Bitcoin Trust has attracted the majority of investment, with an influx of $719.3 million in the third quarter of 2020.
The rise in institutional investment into cryptocurrencies in 2020 has been well-known, with the likes of Square recently investing $50 million into Bitcoin while MicroStrategy dived in with more than $250 million.
Impressive quarter for @Grayscale with $1.05 billion being invested into its crypto products.$BTCUSDhttps://t.co/630lRK9XDM
— Oliver Knight (@OKnightCrypto) October 14, 2020
However, according to figures from Grayscale, there has also been an appetite for investment across altcoins like Bitcoin Cash and Litecoin, with inflows increasing by more than 1,400% quarter-over-quarter.
The majority of investment continued to come from institutional investors, accounting for 81% of investment in Q3.
The price of Bitcoin and other digital assets have performed well in Q3, with Bitcoin having sured to as high as $12,400 following a flash-crash to $3,850 in March.
Ethereum, meanwhile, has experienced a boost from the rise in popularity in DeFi products, with the second largest cryptocurrency surging from a yearly low of $107 to as high as $478.
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