Grayscale Fund got huge traction with its Grayscale Bitcoin Fund (GBTC) as its price surged from the dump to up by 30%.
Grayscale is an Investments company that manages cryptocurrency investment funds and also allows its clients to invest in cryptocurrencies through its funds in Bitcoin, Ethereum, and also in many other multiple flagship assets.
In the last few weeks, institutional interest to invest in the Grayscale Bitcoin Fund (GBTC) surged rapidly because of the sudden hike in the price of GBTC just after a significant downfall.
If we look at the actual data available on the fund’s inflow in GBTC then we will find that the flow of funds from $10 million and $120 million took place from December 2021 to this date.
Around $140 million funds are secured in GBTC to the date 25 February, which is itself a very big amount for such 100% crypto-backed funds.
Investors showing huge confidence
The last two weeks saw huge ups and downs, where every money market faced a correction. In particular, the crypto market faced the most significant correction and further downfall seen in GBTC price.
Due to the geopolitical critical situation among Ukraine and Russia, prices saw significant correction. But big holders of GBTC held strongly.
In particular, Cathie Wood’s ARK Invests held $478 million worth of GBTC and this value faced correction by around 45% year-over-year but still, she showed huge confidence with it.
In November of last year, ARK added 450,000 GBC on its balance sheet, when they saw a correction of around 17.5%.
Other big holders of GBTC can be seen in the below data chart.
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