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“I think the bears just kind of ran out of energy,” he said, noting that “a lot of institutional money” was looking for an opportunity to get in.

As CCN reported, Grayscale Investments — the creator of the Bitcoin Investment Trust (OTC: GBTC) and a DCG portfolio company — revealed this week that institutional capital accounts for 56 percent of the more than $248 million that has been invested in GBTC and other Grayscale products during the first half of 2018. By comparison, Silbert said, the fund was onboarding virtually no funds from institutions as recently as one year ago.

@peakdemand

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