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Alex Dovbnya

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There’s more demand for Grayscale’s Bitcoin Trust than all gold ETFs combined, according to JPMorgan

JPMorgan Chase, the largest U.S. bank by total assets, notes that Bitcoin is eating away at demand for gold ETFs in a report shared by Michael Sonnenshein, the managing director of Grayscale Investments.

Institutional investors, such as family offices, now view the world’s largest cryptocurrency as a digital alternative to the yellow metal that used to be a go-to safe haven.

In October, the flow trajectory of the Grayscale Bitcoin Trust (GBTC) became significantly steeper while gold ETFs remained basically flat.

Institutional investors, such as family offices, now view the world’s largest cryptocurrency as a digital alternative to the yellow metal that used to be a go-to safe haven.In October, the flow trajectory of the Grayscale Bitcoin Trust (GBTC) became significantly steeper while gold ETFs remained basically flat.

Image by @Sonnenshein

“This contrast lends support to the idea that some investors that previously invested in #gold ETFs such as family offices, may be looking at #bitcoin as an alternative to gold.”

In September, Bloomberg reported about Grayscale outperforming 97 percent of all U.S. ETFs.

The bullish report caps off a stellar week for the crypto asset management firm. According to Sonnenshein, his company recorded the largest raise across its suite of products that totaled $237 mln.

While GBTC remains by far its most popular investment vehicle, the Ethereum Trust is also gaining more traction with a record-shattering $58 mln.

Last month, Grayscale’ Ethereum Trust became an SEC-reporting company, meaning that it now has to file quarterly and annual disclosures with the U.S. securities regulator.

reported by U.Today, Grayscale had more than $1 bln worth of inflows in the third quarter of 2020. Its year-to-date inflows are now nearing a whopping $3 bln. Overall, Grayscale has more than $9.1 bln worth of assets under management.

Author: Alex Dovbnya

Source: U Today: JPMorgan Says Institutions Ditching Gold ETFs for Bitcoin

Bitcoin is crushing altcoins as its dominance surpasses 60 percent

Contents

It’s a great day to be a Bitcoin maximalist.

The top cryptocurrency touched $12,006 on the Bitstamp exchange at 17:54 UTC, extending its four-day streak of gains, while its dominance climbed to a multi-month high.

Image by tradingview.com

Bitcoin dominance is on the rise

It’s worth noting that Bitcoin’s latest rally didn’t spill over the rest of the market. BTC is the only top 10 cryptocurrency in the green at the time of writing while all major altcoins remain under significant pressure.

Consequently, the Bitcoin dominance has surpassed 60 percent for the first time since early August, according to CoinMarketCap data.

That’s a notable improvement from the 2020 low of 56 percent that was reached in early September when the excitement around the decentralized finance (DeFi) mania reached its current peak.

Chainlink (LINK) is the biggest laggard within the top 10, dipping by almost six percent over the last 24 hours.

Cardano (ADA) and Binance Coin (BNB) are also among the worst-performing large-cap cryptocurrencies.

Bitcoin Cash, the biggest fork of Bitcoin, is down 2.31 percent.

Bitcoin correlations are waning

Bitcoin benefited from the dollar index (DXY) being in the red for the third day in a row.

Its declining correlation with the S&P 500 and other assets is playing into the hands of the bulls by reviving the safe haven narrative.

The DeFi sector, on the other hand, has seen a precipitous 22 percent drop over the last week now that speculators’ interest in food-inspired coins has cooled off.

Author: Alex Dovbnya

Source: U. Today: Bitcoin Hits $12K as Its Dominance Surpasses 60 Percent First Time Since August

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