BTC Bulls Drive $20 Million into NY Crypto Trust

The bitcoin btc price is down over 74 percent from its 2017-2018 highest record peak near $20,000. But that has not deterred institutional investors from strengthening their bullish positions in the market.

The sentiment has led

the world’s largest crypto asset investment firm to notch a record capital inflow this week. New York-based Grey scale Investments, a division of Digital Currency Group, brought in over $20 million in total investments, according to a statement issued by CEO and Founder Barry Silbert.




The uptick marked Greyscale’s best week since 2017 and pushed the firm’s assets-under-management worth to circa $1.21 billion.

The investment followed a shift in trading sentiment in the bitcoin market.
 Upon establishing a socalled bottom towards $3,100 in December 2018, the bitcoin price corrected up to 70 percent in the positive territory.



 It eventually settled for a new 2019 high towards $5,650 on April 23, only to correct laterwards and establish a session low towards $4,963.
Short Interest Down 
Greyscale Bitcoin Trust BTC (OTCMKTS: GBTC), one of the nine cryptocurrency products offered by Greyscale, noticed a 7.79 percent decrease in Short Interest (SI). According to FINRA, GBTC’s total SI was down to 11.11 million from 12.05 million shares.
 Such a drop typically means that investors have become decently bullish, and the price may be due for a reversal to the upside.
 Nevertheless, GBTC decreased 0.70 percent during the April 26 trading session, much in line with the bitcoin spot market’s session performance.









GBTC market’s medium term perspectives fared well.
 The stock surged more than 100 percent since February 6, 2019, leaving investors with a stronger bullish bias.
 Greyscale’s latest financial report showed that GBTC was 2,721.3 percent up since inception while it’s 12 month performance was negative, down 47.6 percent. Greyscale’s other cryptocurrency products also posted annual losses, with ZCash, Ethereum Classic, and Bitcoin Cash noting more than 70 percent drop in holdings.


Read the full topic at
https://www.newsbtc.com/2019/04/27/bitcoin-bulls-drive-20-million-into-new-york-based-crypto-trust/

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