Recently, institutions seem to be moving away from Bitcoin (BTC), the largest cryptocurrency by market capitalization, to altcoin projects. The largest digital asset manager Grayscale’s application for trust for 3 popular altcoins and Genesis’ latest report show us this. Here are the details…
Institutions are turning to these altcoin projects
cryptocoin.com As we have also reported, Grayscale, which is preferred by crypto money investing institutions, has applied for a trust for three altcoins in an application to the US Securities and Exchange Commission (SEC). These coins include Near Protocol (NEAR), Avalanche (AVAX), and Curve DAO Token (CRV). AVAX and NEAR were tokens under review that had not yet joined Grayscale’s product family. It can be observed in the table below, which was updated on November 2, that this is the case.
On the other hand, according to a report published by Genesis on Thursday, the third quarter was marked by the shift from traditional finance to crypto, the market reversion to Tier 1 tokens, and increased institutional interest in decentralized finance (DeFi). According to the report, while first-tier coins compete for transaction speed and security, incentive schemes have fueled cross-chain activity, causing Ethereum’s market share to dwindle in favor of competitors such as Solana (SOL), Terra (LUNA), Avalanche (AVAX), and Fantom (FTM). led to Genesis stated that demand from institutions is concentrated in SOL, LUNA and DYDX.
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