Institutional investors are increasingly interested in Young Coins and DeFi, according to Okcoin
The Okcoin exchange saw a significant increase in the number and volume of institutional transactions over the past year, mainly due to stablecoins and DeFi tokens.
In a report released today, Okcoin said the number of institutional clients on its platform increased 450% from September 2020 to September 2021, and institutional trading volume increased 124% over the same period. According to the report, 53% of institutional purchases in September were altcoins. In addition, customers are showing a “greater appetite for non-Bitcoin crypto assets” than in previous years.
In particular, Okcoin reports that institutions switched to younger coins in 2021, including MiamiCoin (MIA) – the city of Miami (US) token issued by CityCoins on August 3 – and Avalanche (AVAX).
which was released last year. This is in contrast to buying behavior in 2020 and earlier, when “Institutions particularly like older coins that are at least four years old, such as ETH and LTC”.
“The institutional activity reflects the macro mood among large investors, with a clientele that includes asset managers, venture capitalists and hedge funds,” said sister exchange OKEx. Households, retail brokers, payment processors, and other businesses around the world. “
Other companies in the crypto and blockchain space have come to similar conclusions based on data from trading platforms. In September, analytics firm Chainalysis reported that $ 10 million transactions accounted for more than 60% of DeFi transactions in the second quarter of 2021. CoinShares also reported in September that institutional interest in Solana (SOL) outpaced Bitcoin (BTC) and Ether (ETH).
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According to Cointelegraph