The crypto market had a turbulent year in 2022. However, investor sentiment towards cryptocurrencies has taken a positive turn in 2023. On-chain data shows that institutional investors are interested in 3 cryptocurrencies.
More capital flows into these two cryptocurrencies
With the improvement of economic conditions, crypto assets are once again attracting the attention of investors. cryptocoin.comAs you follow, this trend has become particularly evident in recent weeks, after a series of applications for a spot Bitcoin exchange-traded fund (ETF) raised hopes that BTC could finally gain mainstream acceptance among institutional investors.
Parallel to this, crypto investors are shifting their holdings from stablecoins to Bitcoin (BTC) and Ethereum (ETH), crypto expert Ali Martinez noted. This indicates that market participants’ hunger for riskier assets such as cryptocurrencies is increasing. In this context, the expert comments:
Crypto investors are shifting from stablecoins to Bitcoin and Ethereum. The decline in stablecoin holdings indicates a higher risk appetite among investors who are moving their capital to BTC and ETH.
The increased interest and holdings in Bitcoin and Ethereum are likely to have a notable impact on their respective prices, highlighted by the aggravated market realized value net position change. As more investors enter the market and buy these cryptos, the demand for them increases. So this would potentially increase their prices.
Meanwhile, Bitcoin fund holdings have also increased significantly recently. In particular, BlackRock’s spot BTC ETF application in mid-June played an important role in this. The number of BTC held by the funds has jumped to around 850,000, the highest level in the last 6 months.
CRV is on the radar of institutional investors!
On-chain and smartmoney analytics platform Lookonchain has detected significant transactions involving Curve DAO (CRV) tokens. According to a recent post, Lookonchain has spotted four new wallets that have drawn 10.2 million CRVs, equivalent to $8.12 million, from the Binance exchange in the past seven days.
Lookonchain states that all four wallets involved in the transaction are new. It also records that it only holds CRV tokens. Moreover, he thinks institutional investors are responsible for the transactions. Therefore, it hints that this move will signal a potential CRV token acquisition.
Some of those responding to Lookonchain’s tweet downplayed the importance of transactions. One particular participant, identified as GiO on Twitter, laughed at the post. He also stated that the idea of corporate buyers is not real. Another participant, defined as Mememiner, stated that the transaction volume was insignificant. He stated that it will matter when buyers have more CRV tokens than the development team.
CRV is the native token of Curve DAO, one of the largest decentralized finance (DeFi) platforms. This platform stepped into the market in 2020. A decentralized exchange for stablecoins. It also functions as an automated market maker (AMM) to manage liquidity. The market value of the project is $688,921,822 and its circulating supply is 868,471,914 CRVs.
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