At present, the crypto markets are witnessing the dominance of Ethereum (ETH) and Bitcoin (BTC) even than altcoins are getting a lot of attention as per an executive from Coinbase. David Duong, the top crypto exchange’s Head of Institutional Research, has recently stated that institutional investors are moving toward altcoins nowadays.
The executive recently took part in a discussion where Scott Melker (a well-known crypto analyst) was also present. In the panel of the interview, Mark Yusko (the investment adviser and founder of Morgan Creek Capital) and Dan Gunsberg (the founder of Hxro) were also present.
Coinbase Executive David Duong Says Several Institutional Investors Look toward Altcoin Sector
While talking about the performance of the crypto market, the Coinbase executive expressed his point of view about the current scenario in the case of institutional investors.
He mentioned that 55% of the organizational investors are even now attached to the top crypto tokens including BTC and ETH. However, he added that the other 45% of investors belonging to the institutions are taking interest in the altcoins.
Duong disclosed that this trend is getting expansion as institutional investors are paying a lot of attention to the altcoin sector outside the sphere of Ethereum and Bitcoin. He pointed out that the market is currently concentrating on the macro scenario. He moved on to explain this situation and labeled the current time as a phase that is just seasonal.
Duong is of the view that this time is a weaker phase and several assets that have many risks are getting more and more attention among investors. In the words of the executive, these investors do not realize the temporariness of this period.
He added that, on the other hand, the United States-based people who have taken bonus payments are putting their funds into the 401(k) retirement schemes that contain pension accounts with several tax cuts and so on.
In this way, the executive revealed that – even during the current weak period – people conclude on the Federal Reserve as well as other such subjects. According to Duong, people do this based on correlation to make instant decisions about their investments. The executive is of the view that the macro conditions are neutral for the risk assets such as crypto.
Nonetheless, he moved on to warn the crypto community about 2023’s 2nd quarter. As Duong specified, the upcoming time will see several issues to be experienced by the crypto market. As a result of this, further weaknesses could be faced by the crypto economy.
Yusko touched on the inclusion of the latest funds in the crypto sector. He thinks that, among other things, the approach adopted by the people plays a significant role.
Yusko of Morgan Creek Expresses Optimism for Crypto with Shanghai for and Bitcoin Halving
The Creek Capital executive added that the ongoing season is spring and not summer. As per him, spring contains unstable weather and can be unpleasant even. Nevertheless, the executive acknowledged that a hurricane like FTX is not going to take place again. He also mentioned that the summer season is coming.
Along with this, he also referred to the event of Bitcoin halving and the impending Shanghai for of Ethereum. He was indicating that such events could prove to be very helpful for the overall progress of the crypto industry.