Coinbase Executive Says Institutions Are Looking Beyond Bitcoin and Ethereum to Altcoin Markets

One of Coinbase’s top executives says institutional investors may be more open to crypto assets beyond Bitcoin (BTC) and Ethereum (ETH) than people realise.

David Duong, Coinbase’s head of institutional research, said in a live stream with crypto analyst Scott Melker that nearly half of all institutional flows on Coinbase are in assets other than BTC and ETH.

“My remit is broader than just bitcoin and what I’m seeing right now just in terms of the flows we’re seeing from our institutional clients on our exchange, 55% of that is still on bitcoin and ETH, but that would mean that the rest is still stuck in altcoins, so what’s happening in the rest of the ecosystem outside of Bitcoin and Ethereum still gets a lot of attention. However, Ethereum is of course the next big event risk on the Shanghai fork that is still on people’s radar.”

Duong says that market conditions currently remain in relatively uncertain terms due to macroeconomic reasons, seasonality, and the potential for crypto to decorrelate from other risk assets.

“I think what’s happening right now is a lot more macro focused in that I think what people don’t realize is that this is just seasonally a weaker period for a lot of risk assets because we’re in between that period People have their bonus pay, putting money in their 401k and just before we get a bunch of checks cut for tax season.

So we’re in this kind of weakness, but we’re trying to draw conclusions about what’s happening with the Fed or what’s happening with other things, [and] Correlation, which by the way is decreasing between crypto and other risky assets.”

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