Zhu Su, CEO of cryptocurrency hedge fund Three Arrows Capital, offers his insight into why popular altcoin projects Cosmos (ATOM), Phantom (FTM) and Near (NEAR) are gaining in value even as the rest of the market is bearish. Details cryptocoin.com‘in.
3 altcoin projects rising
CEO Su says in a series of tweets that the three cryptocurrencies are among the cryptocurrencies that macro investors hold the least. According to the crypto hedge fund CEO, macro investors are exiting their crypto positions as the Federal Reserve begins to cut asset purchases, also known as contractions. Su said macro investors entered crypto positions after the market crash witnessed in March 2020 at the height of the Covid-19 pandemic. The CEO said:
A path-bound fact of history is that the swamp of Covid-19 March 2020 has sadly wiped out many true believers, crypto lovers, who await the halving. As it rose, it received an offer from macro funds looking for a higher beta play on cryptocurrencies. I am in the camp of those who think that crypto money will rise anyway, with or without Covid-19. The Bitcoin/S&P 500 stock index correlation has increased significantly. What we’re seeing right now is macro fund positions unraveling as contraction approaches. I expect much lower S&P 500 stock index/crypto correlations going forward. It is no coincidence that the crypto macro booms with the least hold the best (Near, ATOM, FTM) at current levels.
Cosmos (ATOM) is currently trading at $43.93, up 80% over the past 30 days. Phantom (FTM) is trading at $2.83, up 77% over the past 30 days, and Near is trading at $15.39 at the price it changed hands seven days ago. NEAR has increased by just over 100% in the last 30 days.
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