According to a Coinbase executive, institutional investors are looking beyond BTC and ETH
According to David Duong, Head of Institutional Research at Coinbase, institutional investors may be more receptive to cryptocurrencies besides Bitcoin (BTC) and Ethereum (ETH).
According to Duong, approximately half of all institutional flows on Coinbase are invested in assets outside BTC and ETH. During a live conversation with crypto expert Scott Melker, he made these remarks.
55% of institutional customers gamble on BTC and ETH, but the remaining 45% trust in altcoins. Duong believes much attention is being devoted to ecosystem developments outside of Bitcoin and Ethereum. With the expectation around the Shanghai split, Ethereum will undoubtedly be the next big thing.
According to Duong, present market circumstances are highly unclear owing to macroeconomic reasons, seasonality, and the possibility for cryptocurrencies to detach from other risk assets. Nevertheless, he said,
“Many don’t aware that this is a weaker period for a lot of risk assets because it’s between the time when individuals get bonus payouts and put money into their 401(k)s, and immediately before tax season.”
Mark Yusko, the founder and chief executive officer of the financial advisory firm Morgan Creek Capital Management, also participated in the program. Yusko thinks Bitcoin might begin a new bull market shortly. The crypto market is range-bound chiefly throughout the spring, while the summer is cheerful.
The increasing interest of institutional investors in altcoins other than Bitcoin and Ethereum signals that the cryptocurrency market may grow more varied in the coming months.
This might benefit the economy by raising demand for alternative cryptocurrencies, increasing their value. However, it is essential to highlight that Bitcoin and Ethereum remain the primary focus of institutional investors. Any significant market fluctuations in these assets might substantially affect the cryptocurrency market.
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