According to Nansen data, smart money investors poured money into BLUR coin and the following 9 on January 27, 2024. Here are the details…
Blur coin and these cryptos are in the focus of smart money
The cryptocurrency market continues to recover after last week’s price movements. As an indicator of this recovery, the tokens with the highest flows from smart money were announced. According to Nansen data, the tokens with the highest flow from smart money as of January 27, 2024 are listed as follows:
- Blur: $4,094,228
- rsETH (rsETH): $3,690,545
- stETH (stETH): $2,289,314
- Lido DAO (LDO): $2,224,581
- SYN Network (SYN): $1,293,525
- Gala Games (GALA): $962,375
- Curve DAO (CRV): $723,891
- Volta (Volta): $432,427
- eUSD (eUSD): $375,152
- PEPE (PEPE): $353,554
The common feature of the tokens in this list is that they are connected to the decentralized finance (DeFi) ecosystem. BLUR, rsETH and stETH run on Ethereum Blockchains. Tokens also used by DeFi protocols Synthetix, 0x and Lido. LDO is the governance token of the liquid staking network. SYN is the native token of the Synthetix protocol. GALA is the token of the blockchain gaming platform Gala Games. CRV is the governance token of decentralized liquidity protocol Curve Finance. Volta is the native token of VoltronX, a decentralized network of exchanges. eUSD is Reserve Protocol’s stablecoin. Finally, PEPE is a meme token.
Why is smart money pouring money into these coins?
Smart money refers to funds managed by institutional investors and hedge funds. These funds generally invest in innovative projects with high potential. The influx from smart money is helping to increase the value of these projects and lift the cryptocurrency market overall. According to Nansen data, flows from smart money have continued to increase since the last quarter of 2022. This increase is seen as a sign that the recovery of the cryptocurrency market will continue. There are several reasons why flows from smart money are increasing. First, the cryptocurrency market is starting to recover. This is leading to increased interest from institutional investors in cryptocurrencies.
Second, the growth of the DeFi ecosystem. DeFi is an ecosystem that emerged as an alternative to the centralized financial system. DeFi protocols are less centralized and more transparent than traditional financial services. This makes DeFi an attractive investment tool for institutional investors. Third, the institutionalization of cryptocurrencies. Cryptocurrencies are now taken seriously by institutional investors. This is causing institutional investors to increase their investments in cryptocurrencies.
What are the implications of smart money?
The influx from smart money is helping lift the cryptocurrency market overall. This flow has a positive impact, especially for DeFi protocols and cryptocurrency projects. Increasing flows from smart money are also helping the cryptocurrency market become more mature. The increasing interest of institutional investors in cryptocurrencies causes cryptocurrencies to reach a wider audience of investors. This contributes to making the cryptocurrency market more stable.
According to Nansen data, the tokens with the highest flow from smart money are DeFi protocols and cryptocurrency projects. Increasing flows from smart money are helping to elevate the cryptocurrency market overall and institutionalize cryptocurrencies.
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