Grayscale Investment Q3 data report, trend analysis of digital asset investment field

Grayscale, the largest digital currency investment fund, recently announced its holdings and capital inflow data for the third quarter.

There are several pictures and sets of data worthy of our attention:

1. Capital inflow in the third quarter

The data in the picture shows the inflows of grayscale funds every quarter from 2013 to the present and the positions of these funds in various digital currencies.

It can be seen that in the third quarter, the inflow of funds exceeded 250 million US dollars. Inflows in the first quarter of this year were close to $50 million. Inflows in the second quarter were around $90 million. The inflow of funds in the second quarter was about 1.8 times that of the first quarter, while the inflow of funds in the third quarter was 2.8 times that of the second quarter. It can be seen that the inflow of capital is accelerating.

So after the funds entered Grayscale Capital in the third quarter, which varieties did you invest in? There are four in total: BTC, Ethereum, Ethereum Classic and ZEN. Among these four digital currencies, the capital increase in BTC is about 170 million US dollars, the capital increase in Ethereum is about 67 million US dollars, the capital increase in Ethereum Classic is about 20 million US dollars, and a very small amount of funds increased the holdings of ZEN .The funds invested in BTC accounted for 66% of the total funds, and the funds invested in Ethereum accounted for 26% of the total funds.

In addition, Grayscale also released a data,Among these investors, institutional investors account for an absolute monopoly of 84%.

2. Investment of total capital as of the third quarter

The picture above shows Grayscale Fund's positions in various digital currencies as of October 15.

Among them, the total funds invested in BTC reached 2 billion U.S. dollars, the funds invested in Ethereum reached 70 million U.S. dollars, and the funds invested in Ethereum Classic reached 40 million U.S. dollars. The funds invested in other digital currencies BCH, ZEN, Litecoin, Stellar Lumens, Ripple and ZCASH totaled only $15.3 million.

3. What does this set of data tell us?

For this group, if we combine this year's rebound market, we will find a very interesting phenomenon.

In this round of wave-like rebound from the end of January to the beginning of February this year, the market reached a high point in June, and then gradually fell until now. Among them, the leading BTC fell from a high of $12,000 to the current $8,000, a drop of 30%; Ethereum fell from a high of $330 to $175, a drop of 42%.

In other words, the market continued to decline throughout the third quarter, and the decline was not small.Under such circumstances, when many retail investors couldn't stand the market, they cut their flesh and left the market, or worried about when the BTC and Ethereum they bought in the early stage would be released, but institutional investors entered the market more enthusiastically to grab funds. Affected by the falling market, they are accelerating their layout and increasing their positions. The intensity of its investment far exceeds the first quarter and the second quarter.

Among the types of funds invested in the third quarter, BTC and Ethereum occupied a monopoly position, while for other currencies such as BCH, Litecoin, Stellar Lumens, Ripple and ZCASH, there was no increase in funds.therefore

thereforeIn this continuous decline in the market, the head effect of BTC and Ethereum is more obvious, making funds more concentrated in these two currencies.

It goes without saying that BTC has such a head effect, and the performance of this head effect of Ethereum has been predicted in my previous article: With the continuous improvement of the Ethereum ecology and the imminent launch of Ethereum 2.0, smart contracts The final winner of the public chain battle has become increasingly clear, with a high probability of being Ethereum.

Institutional investors invest a lot of money. They focus on long-term investment returns, and they will put risks in the first place. That is to say, institutional investors invest in varieties with low risk, and in the long run, investment returns are relatively low. Guaranteed variety. In the field of digital currency, which is full of extreme uncertainty and high risk, the actions of institutional investors are worthy of the attention and reference of ordinary investors.

From this set of data, we can see that institutional investors are not afraid of the market's decline, but are aggressively increasing their positions to raise funds for BTC and Ethereum. This is a signal that ordinary investors should pay close attention to.