The chief strategy officer of market intelligence firm CoinShares says that blue-chip traders are still waiting in the wings as crypto launches its “most hated rally.”
In a new interview with CNBC Television, CoinShares executive Meltem Demirors says that institutional investors are still waiting on the sidelines along with a lot of retail traders.
“There are a lot of different factors that buyers are pricing in, but the big traders – the macro desks – they haven’t started buying yet… There’s still a lot of institutional investors waiting, and for me, the big, leading indicator is when retail is back and that’s when the dog coins start running.”
Demirors says that the digital assets industry 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 look starting in June and going through the end of the year with FTX. A lot of bankruptcies, failures and outright fraud.
We just had the final shoe drop with Binance… Also, we saw an announcement that [Changpeng Zhao], the founder of Binance, settled with the SEC (US Securities and Exchange Commission)…
As we look ahead – I’m calling this ‘the most hated rally.’ We’re going into the end of the year, everyone’s tired of hearing about crypto, but baby, we are so back.”
The total market cap of crypto assets on October 23rd was $1.06 trillion. It is currently sitting at $1.60 trillion, according to TradingView.
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