Grayscale and Binance: demand for crypto-currencies have never been so high
Grayscale Investments, one of the largest crypto investment firms in the world, announced yesterday that they have recorded in the third quarter of 2019, the strongest demand for their products. Also Binance has recorded the second strongest quarter of all time, what could be, despite the recent slump, a positive sign for the crypto market.
The institutional crypto-investment giant Grayscale has published its report for the third quarter of 2019, reveals a strong interest of Wall Street to Bitcoin and Ethereum. Accordingly, the demand for crypto-related investment products, in spite of the recent downturn of Bitcoin strong. In the recently published on the Website report Grayscale notes that the past quarter was the Strongest that has ever been recorded in relation to the inflow in your products:
A quarter of a billion dollars inflow (254.9 million dollars) marked the strongest demand for Grayscale products since the company was founded: The inflows tripled compared to the previous quarter, from 84.8 to 254.9 million US dollars, despite the recent price declines in the markets for Digital Assets.
What relates to the demand, Grayscale, noted that their Bitcoin Trust, the product received the largest part of the fresh capital is represented and a whopping 171.7 million dollars in inflows. The Grayscale Ethereum Trust and the Ethereum Classic Trust were directly behind the BTC Trust and brought in the entire year of 2019, with just over $ 100 million in inflows.
These optimistic Figures come after there is a sign for a bear market on the crypto-market, which were triggered for the first Time, as a Bitcoin below $ 10,000 fell.
Also Binance achieved whopping gains
How to Binance told, has destroyed the company in its quarterly Binance Coin Burn 2.061.888 Binance Coins (BNB), about 1.10 percentage of the total offer. Thus, Binance has, in spite of the bad 3. Quarter for Bitcoin, the second hung best quarter of all time. As the Director of research of The Block, Larry Cermak eklärte via Twitter, it means that Binance has seen its second-best quarter since the BNB Coin Burn in the amount of $ 36 million represents a gain of approximately $ 186 million in the third quarter.
The best quarter of the stock market in the fourth quarter of 2017 (from 200 million dollars in profit) – and, understandably, was. In the fourth quarter of 2017, the Bitcoin exchange rate reached its all-time high of $ 20,000.
9th @Binance $BNB burn is huge!
The ‘Binance Futures’ effect, @cz_binance?
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Pro EPT■_■)
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🔥🔥 pic.twitter.com/R5PaRk72JpNugget’s News (@NuggetsNewsAU) October 17, 2019
It is questionable, how to Binance has managed to do this. How Cermak said:
These Q3 Numbers are, to put it mildly, surprising. The spot volume of the stock market in the last few months dried up. The market is dead, but Binance has just burned the Equivalent of the second-best quarter, there is.
Changpeng (CZ) Zhao, the CEO of Binance weighed the question of the strong quarter of Binance in a blog post that was parallel to the news about the Coin Burn published. In it, he attributed the success of this quarter on the numerous additions to the product portfolio of Binance in the last three months. CZ wrote:
To account for this growth, especially with new services such as margin trading, an increased number of Fiat on-ramps, in order to make the purchase of crypto-currencies more accessible, and a variety of other services that we have introduced and the first to bear fruit. In addition, we have introduced in the third quarter, a number of important services that we build, namely the futures trading. We expect that your contributions will begin in the fourth quarter, together with our latest services, such as the P2P trading.
Featured Image: Wit Olzewski | Shutterstock
