Institutional Money Buys From This Altcoin Against Bear Market!

A new Fidelity survey reveals which altcoin projects institutional investors invested the most in throughout the year.

Institutional investors buy this altcoin project despite bear market

Institutional investment in crypto, particularly Ethereum, has continued to rise throughout the year despite the bear market, according to a new survey from Fidelity. Fidelity’s Research Lead Chris Kuiper reports that investors buying Ethereum have multiplied over the past two years:

The percentage of contributors who say they have invested in Ethereum has more than doubled from two years ago.

Kuiper stated that Ethereum’s attractiveness in the eyes of institutions will increase further as ETH becomes a more environmentally friendly, profitable cryptocurrency after the merger. Overall, according to the one-on-one survey, institutional players are accumulating crypto against the crypto bear market. By the end of the second half of 2022, 58% of institutions surveyed were holding altcoins, up 6% from last year. Moreover, 78% plan to stay in crypto in the future. According to the survey, the main reason for this was belief in the long-term upside potential of cryptocurrencies.

Goldman Sachs develops new tools for institutional investors As you follow, investment bank Goldman Sachs (GS) has announced its partnership with MSCI and Coin Metrics for a new tool to help institutional investors monitor market data. In this context, institutional investors will now have the opportunity to view the market with various tools.

MSCI Leader Stephane Mattatia said in a statement that the subsidiary is a valuable step forward for corporate demand:

The cryptocurrency ecosystem is evolving rapidly, with investors demanding tools and analytics to help navigate this new asset class.

Goldman Sachs has moved more aggressively to crypto this year. It became the first major bank to process OTC cryptocurrency when it bought NDO from Galaxy Digital.

Goldman Sachs becomes first major US bank to process OTC cryptocurrencies

Last March, the bank purchased an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital. An OTC Bitcoin NDO can sound complicated. But it basically means that Goldman Sachs is buying the contracts it bets on the future price of Bitcoin.

Galaxy Digital is a New York-based cryptocurrency investment firm led by billionaire Mike Novogratz. The investment bank has a subsidiary with Goldman Sachs as the liquidity provider for the Bitcoin futures desk. Goldman Sachs’ interest in the crypto world has changed over the years. He announced plans for a crypto desk in 2018. However, he later scrapped the idea. Later last year, he reopened the table

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