Ten months into a bear market that has seen cryptocurrency prices decline approximately 75 percent from their all-time highs, analysts differ on whether the bitcoin price has found a bottom or could continue to decline over a time horizon as long as 18 more months. However, Grayscale Investments, the crypto investment firm that created the publicly-quoted Bitcoin Investment Trust (OTC: GBTC), said that it had raised a record amount of funds through the first three quarters of the year.
The New York-based Grayscale made the announcement in its Q3 Digital Asset Investment Report, published on Thursday, adding that the firm saw $81.1 million of inflows during the previous quarter, up 33 percent from Q2. Altogether, Grayscale has raised $330 million in 2018, up a remarkable 1,200 percent from the $25.4 million it had raised last year through September.
“Bitcoin prices doing nothing but go down the entire year has not deterred our existing clients from putting more capital to work,” Michael Sonnenshein, managing director of Grayscale Investment, said during an interview with CNBC. “Asset inflows are really strong despite these price declines.”