The chief strategy officer of market intelligence firm CoinShares says blue-chip traders are still waiting in the wings as crypto launches its “most hated rally.”
In a new interview Speaking to CNBC Television, CoinShares Director Meltem Demirors says institutional investors are still waiting on the sidelines, along with many retail traders.
“There are a lot of different factors that buyers are taking into account, but the big traders – the macro desks – haven’t started buying yet… There are still a lot of institutional investors waiting, and for me the big, leading indicator is when retail will be back and that’s when the dog coins start running.”
Demirors says the digital asset sector is in the midst of its “most hated rally” as the public is tired of hearing about cryptocurrencies.
“2022 was a bad year for us. not a great sight from June to the end of the year with FTX. Lots of bankruptcies, bankruptcies and outright fraud.
We just had the latest shoe drop with Binance… We saw an announcement about that too [Changpeng Zhao]the founder of Binance, has reached a settlement with the SEC (US Securities and Exchange Commission)…
Looking ahead, I call this “the most hated rally.” We’re entering the end of the year, everyone is tired of hearing about crypto, but honey, we’ll be right back.
The total market capitalization of crypto assets as of October 23 was $1.06 trillion. It is currently to sit $1.60 trillion, according to TradingView.
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