Grayscale Halts Bitcoin Trust Inflows as JPMorgan Warns Slowdown Could Hit BTC Price
Grayscale Investments LLC is no longer accepting new investments in its Ethereum Trust and Bitcoin Trust, both gateways for institutional crypto betting.
On Monday it was announced on the website of the Crypto Asset Manager that the trusts Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin and Digital Large Cap Fund are "currently not available" for new investments.
Grayscale regularly close their crypto trust relationships for so-called "private placement" rounds. That action happened repeatedly at GBTC in the fourth quarter of 2019 - so stopping on Monday is not uncommon.
On Monday, JPMorgan analysts wrote that a dramatic slowdown in GBTC inflows could increase the chances of a Bitcoin price correction. That dramatic slowdown seems to be here for now, as Grayscale can't buy up more cryptocurrencies without fresh capital.
A grayscale representative did not immediately comment on the closure.
New York-based Grayscale is owned by the Digital Currency Group, the parent company of CoinDesk.
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Grayscale halts the influx of Bitcoin trust as JPMorgan warns the slowdown could hit BTC price
Grayscale halts the influx of Bitcoin trust as JPMorgan warns the slowdown could hit BTC price
Grayscale halts the influx of Bitcoin trust as JPMorgan warns the slowdown could hit BTC price
Grayscale halts the influx of Bitcoin trust as JPMorgan warns the slowdown could hit BTC price
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LTC-USD
-10.84%
LTCUSD = X.
-10.8366%
ETH-USD
-2.86%
ETHUSD = X.
-2.8555%
BCH-USD
+ 1.80%
BTC-USD
-3.26%
BTCUSD = X.
-3.2574%
ETC-USD
+ 0.6436%
BTC = X.
+ 2.8734%
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