Grayscale Incurs Record Demand for Products in Q3 2019 Despite Bitcoin’s Bearishness 16

Grayscale Incurs Record Demand for Products in Q3 2019 Despite Bitcoin’s Bearishness

Grayscale Investments – who offers the markets a plethora of crypto-related investment products – announced today that they saw the strongest-ever demand for their products in Q3 2019, which may be a positive sign for the crypto markets, in spite of their recent bearishness.

Demand for Crypto-Related Investment Products is Strong Despite Bitcoin’s Recent Bearishness

In a recent report published on their website, Grayscale notes that this past quarter was the strongest ever as far as influx into their products in spite of the recent bearishness that Bitcoin has incurred ever since it dropped below $10,000.

“Quarter billion-dollar inflows ($254.9 million) mark strongest demand for Grayscale products since firm inception: Inflows tripled quarter-over-quarter, from $84.8 to $254.9 million, despite recent declines in digital asset market prices,” they noted.

As for where the majority of these fund were directed, the investment firm notes that their Bitcoin Trust product accounted for the majority of the fresh capital, receiving a whopping $171.7 million in inflows.

The Grayscale Ethereum Trust and Ethereum Classic Trust was right behind the BTC Trust, pulling in just over $100 million in inflows throughout all of 2019.

These bullish figures come as the aggregated crypto markets express notable bearishness, which was first sparked when Bitcoin dropped below $10,000, which quickly led it to plummet to lows of $7,800.

Analysts are torn on whether or not $7,800 marks a long-term bottom for the cryptocurrency, but it is important to note that the crypto has failed to post any sustainable rally in the time since it touched these lows, and even now is once again close to revisiting the $7,000 region.

One potentially bearish sign in the near-term that could mean that Bitcoin is gearing up for a break below $8,000 is that a whale recently transferred over $6 million worth of BTC onto Bitfinex, which could perpetuate a sell-off if this person were to market sell their 750 Bitcoin.

“750 #BTC (6,186,001 USD) transferred from unknown wallet to #Bitfinex,” Whale Alert noted in a recent tweet.

The coming few hours will likely elucidate the fate of Bitcoin and the aggregated crypto markets, as a decisive break below $8,000 could spark a bout of capitulation that sends the crypto reeling significantly lower.