Coinbase Executive Says Institutions Are Looking Beyond Bitcoin and Ethereum and into Altcoin Markets
One of Coinbase’s top executives says institutional investors may be more open to crypto assets beyond Bitcoin (BTC) and Ethereum (ETH) than people realize.
In a live broadcast with cryptoanalyst Scott Melker, Coinbase’s Head of Institutional Research David Duong says that almost half of all institutional flows on Coinbase go towards assets other than BTC and ETH.
“My remit is broader than just Bitcoin, and what I’m seeing right now, just in terms of flows that we’re seeing from our institutional clients on our exchange, 55% of that is still in Bitcoin and ETH, but that would mean the rest is still is in altcoins, so there’s still a lot of attention to what’s going on in the rest of the ecosystem outside of just Bitcoin and Ethereum. That said, of course Ethereum will be the next big event risk of the Shanghai fork, still on people’s radar.”
Duong says that currently market conditions remain relatively uncertain due to macro factors, seasonality and the potential for crypto to decouple from other risk assets.
“I think what’s happening right now tends to be a lot more macro-focused, to the extent that I think what people don’t realize is that this is just seasonally a weaker period for a lot of risk assets because we’re in the middle of that period where people have their bonus payouts, putting money into their 401ks, and right before we get a lot of checks cut for tax season.
So we’re in such a weak period, but we’re trying to draw conclusions about what’s going on with the Fed, or what’s going on with other things, [and] correlation, which incidentally comes down between crypto and other risk assets.”
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