While the selling trend continues in Bitcoin, we see that the retracements in altcoins are deepening. The fact that Bitcoin dominance started to rise by supporting 40% levels causes sales in altcoins to increase even more.
At this point, interest in some altcoins still continues on the institutional investor side. As you know, institutional investors can access cryptocurrencies securely through the funds in Grayscale.
When we examine the changes in Grayscale funds through ByBt data, we see that institutional investors continue to add only two altcoins to their baskets. When we look at the change in the last 7 days, we see that 25748 MANA was received, while 3511 LINK was received.
This chart shows the last 7 days of change. So these purchases are likely to have been made during last week’s dump.
The last 7-day changes in the funds of institutional investors are as follows:
With the decline in Bitcoin, MANA lost 8% on a daily basis, while LINK lost 13%.