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  • Not Just Bitcoin: Crypto Giant Says Big Money Betting on ETH, XRP, BCH, LTC, XLM, ETC and ZEN

Not Just Bitcoin: Crypto Giant Says Big Money Betting on ETH, XRP, BCH, LTC, XLM, ETC and ZEN

October 22, 2019

Grayscale’s institutional investors are increasingly looking to gain exposure to the altcoin market.

Rayhaneh Sharif-Askary, the company’s director of sales and business development, tells BlockTV that Grayscale’s third-quarter numbers demonstrate a growing interest in the firm’s altcoin trusts, which include Ethereum, XRP, Bitcoin Cash, Litecoin, Stellar Lumens, Ethereum Classic and Horizen Trust.

“I think it’s important to take a step back and look at the bigger picture and the broader trend. The fact that we have, over time, been moving away from Bitcoin maximalism, where Bitcoin represents a safety asset in the space… shows that investors are more comfortable diversifying beyond just Bitcoin and [that’s] really positive.

In Q3 we had about a third of our flows go into products that were not Bitcoin, whereas looking back to Q2 that number was about 25%, and in Q1 of 2019 it was just 1%.

So I think as we see a more balanced demand picture, it’s indicative of a longer-term trend that is positive around the space and encouraging with respect to traditional investors continuing to embrace this new asset class.” 

Total investment into Grayscale’s products totaled nearly $254.9 million in Q3.

Of that total, 84% came from institutional investors, a large majority of which are hedge funds.

Though altcoins are seeing more investment, the company’s Bitcoin trust exploded.

Grayscale reports $171.7 million in Bitcoin inflows in Q3 – the largest quarterly investment in the product’s history.

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