Grayscale Bitcoin Investment Trust (OTC: GBTC) and Grayscale Ethereum Investment Trust (OTC: ETHE) both hit multi-year record average daily trading volume in November.
What Happened: GBTC’s average daily trading volume grew 165% in November compared to a month earlier, as per the Block’s data. The average volume of GBTC in the month was $254.41 million, while in October it was $95.87 million.
November’s volumes were bested only by those in December 2017, when they were recorded at $422.95 million.
ETHE grew 220% in November compared with a month earlier, according to the Block, with an average daily volume of $24.63 million — the best month ever.
November’s volumes exceeded the previous peak in August by $9.43 million.
Grayscale had announced a 9 for 1 share split for ETHE a week ago.
Why It Matters: There is increased interest in Bitcoin and other cryptocurrencies of late, which have seen the prices of the underlying assets of Grayscale’s funds shoot up.
Business intelligence provider Microstrategy Incorporated (NASDAQ: MSTR) bought another $50 million worth of Bitcoin over the weekend leaving it holding 40,824 bitcoins worth nearly $783.24 million, as of press time.
PayPal Holdings, Inc (NASDAQ: PYPL) CEO Daniel Schulman described his company’s foray into cryptocurrencies as “just the beginning of the opportunities.” PayPal has plans to let all its global users buy, sell, and hold cryptocurrency by 2021.
JPMorgan analysts termed Jack Dorsey led Square Inc’s (NYSE: SQ) $50 million investment in Bitcoin as a “strong vote of confidence for the future of bitcoin.”
Price Action: GBTC closed 3.25% lower at $23.22 on Friday and ETHE closed 3.48% lower at $122.05.
Bitcoin and Ethereum traded 4.09% and 0.93% higher at $19,221.45 and $594.15 respectively at press time.
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