As Bitcoin price enters a temporary pullback, retracing from incredible heights over the past week to settle around 15% less from its recent highs, it has still managed to outperform other investment assets like oil and gold, who have themselves been enjoying a renaissance in valuation this year.

Institutional investment and continued interest are said to be responsible for this, with funds like the Grayscale Bitcoin Trust (GBTC), which has surged more than 300% since February, a prime example of this.

It seems, regardless of the short term outlook with the flash crash and ongoing correction, big backers and investors with deep wallets and old money are not put off. Added to this, over the counter (OTC) bitcoin backed security is now trading at around USD 14 per share, whereas several months ago they were not even at USD 4. This same period has only seen a 220% gain in Bitcoin price, but this difference is attributed to the high premiums that funds charge institutional investors to ensure they do not directly hold Bitcoin.

Forbes Dividend Investor newsletter editor, John Dobosz, notes that GBTC has completely trumped other traditional investments such as gold, oil, the S&P 500, including several various tech ETFs. He explained:

“The total gain since that time for the GBTC, which tracks bitcoin pretty accurately, is up 341%. What comes in second best? You would have been okay with oil, even though oil has eaten dust and other particles in the last few weeks. Oil is up 12.8%.”

The reason Grayscale was used, according to the report, was that it was the only publicly-quoted US-based investment product and alone held more than 1.2% of all Bitcoin in circulation.

 

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