There's more demand for Grayscale's Bitcoin Trust than all gold ETFs combined, according to JP Morgan. 

JPMorgan Chase, the largest U.S. bank by total assets, notes that Bitcoin is eating away at demand for gold ETFs in a report shared by Michael Sonnenshein, the managing director of Grayscale Investments.  

Institutional investors, such as family offices, now view the world’s largest cryptocurrency as a digital alternative to the yellow metal that used to be a go-to safe haven.          

In October, the flow trajectory of the Grayscale Bitcoin Trust (GBTC) became significantly steeper while gold ETFs remained basically flat. 

“This contrast lends support to the idea that some investors that previously invested in #gold ETFs such as family offices, may be looking at #bitcoin as an alternative to gold.”

In September, Bloomberg reported about Grayscale outperforming 97 percent of all U.S. ETFs.   

The bullish report caps off a stellar week for the crypto asset management firm. According to Sonnenshein, his company recorded the largest raise across its suite of products that totaled $237 mln.