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Institutional investors may be more open to crypto assets other than Bitcoin (BTC) and Ethereum (ETH), said David Duong, Head of Institutional Research, at Coinbase.
According to Duong, almost half of all institutional flows at Coinbase are directed to assets other than BTC and ETH. He made this comment during a live chat with crypto analyst Scott Melker.
In terms of flow, 55% of institutional clients continue to bet on BTC and ETH, while the rest continue to believe in altcoins. Duong argues that a lot of attention is paid to what happens in ecosystems outside of Bitcoin and Ethereum.
Of course, Ethereum will be the next big thing given the anticipation of the Shanghai fork.
Duong said that current market conditions are relatively uncertain due to macro factors, seasonality, and the potential for crypto to separate from other risk assets. He further added,
“I think what’s happening right now tends to be more macro-focused, to the extent that, I think what people don’t realize is a seasonally weaker period for a lot of risk assets because we’re in between those. the period where people get their bonus payments, put money in their 401k, and right before we get a bunch of checks withheld for tax season.
Bitcoin will soon enter a bull market in the summer
Mark Yusko, founder, and CEO of investment advisor Morgan Creek Capital Management, also appeared at the event. Yusko believes that Bitcoin will soon enter a new bull market. Crypto spring has been mostly range-bound price action, with summer representing a bullish period.
The fact that institutional investors are becoming more interested in altcoins besides Bitcoin and Ethereum suggests that the crypto market may become more diversified in the months ahead.
This can have a positive effect on the market as a whole by increasing the demand for altcoins, which can increase their value.
However, it is important to note that Bitcoin and Ethereum continue to be the main focus of institutional investors. Any significant market movement in these assets can have a significant impact on the crypto market as a whole.
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