Institutional investors continued to pile into grayscale products in the fourth quarter, reflecting the continued urgency of Bitcoin exposure (BTC) and Ethereum (ETH)

Total investments in Grayscale’s family of products reached $ 3.3 billion in the last quarter of 2020, which translated to an average weekly inflow of $ 250.7 million, the digital asset manager reported Thursday. That is a tripling compared to the third quarter for grayscale products brought in $ 1.05 billion.

Grayscale’s Bitcoin Trust generated $ 217.1 million in average weekly inflows. The Ethereum Trust saw an average of $ 26.3 million in new capital invested.

Ninety-three percent of new investments came from institutional investors, with asset managers accounting for the largest share, according to Grayscale. That’s an increase of nine percentage points compared to the third quarter, when institutions accounted for 84% of new capital.

Throughout 2020, investments in grayscale products totaled $ 5.7 billion. That is more than four times the cumulative influx between 2013 and 2019.

Grayscale’s data reflects a turning point for Bitcoin in 2020, as investors embarked on smart money view the digital asset as an inflationary hedge and long-term storage of value. That story helped propel Bitcoin to a price of nearly $ 42,000 in early January, after more than doubling in just three weeks.

Institutional adoption of Bitcoin has the asset on one path to adulthood, said Jeff Currie, president of Goldman Sachs. However, he acknowledged that Bitcoin has a long way to go before it is considered an institutional quality asset.

The bull market could get an extra boost in the coming weeks as the incoming Biden administration is preparing a multi-trillion-dollar incentive program. The significant devaluation of the US dollar is pushing more investors to Bitcoin.

Grayscale did not immediately respond to a request for comment