Grayscale Bitcoin Trust Fund Management Assets hit a record high of $2.8 billion, but institutional demand is weak

The assets managed by the Gray Bitcoin Trust Fund (GBTC) reached an all-time high of $2.8 billion. As of the end of June, Grayscale held 225,316 bitcoins, slightly less than 1.3% of the total circulating supply of Bitcoin. Bitcoin inflows (the number of bitcoins held by GBTC) are hitting lows, indicating a decline in institutional interest. The GBTC premium is currently around 30% and has begun to decline, indicating a shift in market sentiment.