Cryptocurrency investment firm Grayscale has released its Q3 report, showcasing investment activity across its range of cryptocurrency investment products. Grayscale had a total of $2.1 billion in assets under management as of September 30.

According to Grayscale, 84% of the investments into its products in Q3 of 2019 came from institutional investors, primarily hedge funds. In total, $254.9 million flowed into Grayscale’s products in the quarter, making it Grayscale’s most successful quarter ever by this metric. Grayscale’s flagship product, the Grayscale Bitcoin Trust, brought in $171.1 million in inflows.

In Q3, the amount of money invested into Grayscale’s products was three times higher than what the firm saw in Q2.

Grayscale managing direction Michael Sonnenshein spoke to The Block in an interview, challenging the popular narrative that institutional investors are still waiting for the right opportunity to enter the cryptocurrency market – according to Sonnenshein, the institutions are already here. Sonnenshein also commented on what kind of institutions are investing their money with Grayscale:

“Most of our institutional investors are actually not crypto hedge fund. It really runs the gamut — we have tons of global macros funds who maybe look at digital assets as a way to be short fiat money or thinking about all the economic and political turmoil going on globally.”

Bitcoin posted its yearly peak of almost $14,000 right before the end of the second quarter. In the first half of July, the largest cryptocurrency on the market attempted to surpass $14,000 following a steep correction, but the rally was cut short at just below $13,000.

Bitcoin's performance in Q3 2019