Coinbase exec says Institutional investors are interested in crypto other than BTC and ETH
The Exec Head of Institutional Research at Coinbase, David Duong claimed that lately institutional investors are more interested in crypto other than Bitcoin BTC and Ether ETH.
According to David Duong, institutional investors may be interested in cryptocurrencies other than Bitcoin and Ethereum. He estimated this from the institutional flow on Coinbase which is certainly directed away from BTC and ETH to other cryptos.
Furthermore, he assumes that people are finding the crypto space of another crypto more intriguing. As around 45% flow of the assets is towards the altcoins while 55% is toward BTC and ETH.
Despite that, with all the build-up anticipation around the new Shanghai upgrade on its way. Ethereum bulls still expect it to come out as one of the major cryptocurrencies.
Duong further talked about the uncertainty associated with crypto and their liquidity. He stated that the current market situation is unpredictable due to certain macro Factors. These Factors include Seasonality, and also the possibility of cryptocurrency separating itself from other types of risk assets.
“I think what’s happening right now tends to be a lot more macro-focused, in so far as, I think what people don’t realize is this just seasonally a weaker period for a lot of risk assets because we’re in between that period where people have their bonus payments, putting money into their 401ks, and right before we’re getting a lot of checks being cut for tax season.”David Duong quoted
Bitcoin to enter bulls market during the summer
Morgan Creek Capital Management is a company that advises people on how to invest their money. Mark Yusko is the founder and CEO of this company. According to him, bitcoin could soon enter the Bull market which means crypto enthusiasts can expect a raise in its prices. The crypto market faces the bullish and the bearish market which is the summer and spring for the market respectively. He expects the prices of bitcoin to go up this summer.
He further believes that the diversion of investors from BTC and ETH indicates a diversity to arrive in the crypto market. Yusko thinks that this diversion to altcoins will drive its prices to rise as well. Which will ultimately increase the total value of the crypto market.
However, despite all of the Bitcoin and Ethereum remain to be the main currencies in the market. As even a slight raise in their prices alone can increase the entire crypto market value.