Grayscale – CRYPTORY

GBTC has a new a competitor in the OTC Bitcoin trust market

Another way to buy Bitcoin in stock form has surfaced.

Some stats indicate Bitcoin’s current rally could be more reliant on institutional investors than ever before.

Average weekly inflows into Grayscale’s products hit $250.7 million in the fourth quarter, capping off a stellar year for the asset manager.

Cash proceeds from the Trust’s liquidated XRP will be distributed to Trust shareholders, Grayscale said.

An ETF could draw institutional money from the Grayscale Bitcoin Trust, a support for the price of the cryptocurrency, the report said.

Bitcoin bulls fight to hold the $40,000 level as support while many altcoins sell-off due to profit taking.

In fact, CEO Michael Sonnenshein says they’re fueling Grayscale’s massive growth.

Bitcoin bulls bought the dip and produced enough momentum to send BTC price to a new all-time high above $36,500.

Grayscale brings its total assets under management above $20 billion in time for the start of 2021 as BTC demand intensifies.

A Grayscale spokesperson confirmed to Cointelegraph that the fund manager didn’t dump massive stakes of XRP and XLM.