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Michael Novogratz, founder and CEO of Galaxy Digital, believes that the crypto space is currently lacking due to low participation from institutional investors.
during a Interview With CNBC, the US investor said the market is lacking enthusiasm as most of the recent activity in the space is coming from retail buyers while large-scale players are withdrawing.
“Quite frankly, I would say crypto is lackadaisical. There is consistent bidding from retail. We are seeing it through all platforms, and there is not a lot of institutional enthusiasm right now and so the dog days of summer are beginning for crypto. Happened in. Does it thrill me? It’s just the reality,” Novogratz said.
lack of enthusiasm from institutional investors
Novogratz statement echoes CoinShares reported on weekly crypto asset inflows on May 31, which revealed that digital asset investment products saw outflows of $39 million from institutional investors for the sixth consecutive week, totaling $272 million.
Bitcoin remained the center of outflows with a total of $11 million, while Ethereum lost $5.9 million in outflows. Algorand, Litecoin, and Uniswap funds saw outflows of $8 million, $500,000, and $200,000, respectively.
The US led the flow, closely followed by Germany and Switzerland. Overall, 0.8% of assets under management exited the crypto market last week.
Adoption is still on the rise
Despite the decline in institutional adoption, Novogratz pointed out that “interesting” things are still happening in the cryptocurrency space. The CEO of Galaxy Digital pointed to the growing adoption of cryptocurrencies in Asia, especially in Hong Kong and China.
The largest Chinese social media app, WeChat, recently enabled bitcoin price quote index in its search queries. The platform’s 1.3 billion users can now access price quotes for digital assets, despite the current crypto ban in the country.
Furthermore, Hong Kong now allows retail crypto trading through regulated exchanges. The Hong Kong Virtual Asset Consortium has approved the top 30 cryptocurrencies by market cap for listing to enable easier review and compliance from exchanges.
“Some things happened today that are quite interesting. WeChat just enabled bitcoin and crypto trading on the world’s largest single platform. is allowing crypto trading for customers, and that’s why we’re seeing Asian adoption,” Novogratz said.
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Michael Novogratz, founder and CEO of Galaxy Digital, believes that the crypto space is currently lacking due to low participation from institutional investors.
during a Interview With CNBC, the US investor said the market is lacking enthusiasm as most of the recent activity in the space is coming from retail buyers while large-scale players are withdrawing.
“Quite frankly, I would say crypto is lackadaisical. There is consistent bidding from retail. We are seeing it through all platforms, and there is not a lot of institutional enthusiasm right now and so the dog days of summer are beginning for crypto. Happened in. Does it thrill me? It’s just the reality,” Novogratz said.
lack of enthusiasm from institutional investors
Novogratz statement echoes CoinShares reported on weekly crypto asset inflows on May 31, which revealed that digital asset investment products saw outflows of $39 million from institutional investors for the sixth consecutive week, totaling $272 million.
Bitcoin remained the center of outflows with a total of $11 million, while Ethereum lost $5.9 million in outflows. Algorand, Litecoin, and Uniswap funds saw outflows of $8 million, $500,000, and $200,000, respectively.
The US led the flow, closely followed by Germany and Switzerland. Overall, 0.8% of assets under management exited the crypto market last week.
Adoption is still on the rise
Despite the decline in institutional adoption, Novogratz pointed out that “interesting” things are still happening in the cryptocurrency space. The CEO of Galaxy Digital pointed to the growing adoption of cryptocurrencies in Asia, especially in Hong Kong and China.
The largest Chinese social media app, WeChat, recently enabled bitcoin price quote index in its search queries. The platform’s 1.3 billion users can now access price quotes for digital assets, despite the current crypto ban in the country.
Furthermore, Hong Kong now allows retail crypto trading through regulated exchanges. The Hong Kong Virtual Asset Consortium has approved the top 30 cryptocurrencies by market cap for listing to enable easier review and compliance from exchanges.
“Some things happened today that are quite interesting. WeChat just enabled bitcoin and crypto trading on the world’s largest single platform. is allowing crypto trading for customers, and that’s why we’re seeing Asian adoption,” Novogratz said.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
