Data for institutional wallets indicate that six altcoin projects have attracted attention recently. Institutional wallet data shows which assets are stacked by major cryptocurrency institutions. Here are the altcoin projects that have recently attracted attention in the wallets of institutions…
Interesting data on stablecoins: There are more USDC than USDT
Data provided by CryptoRank shows that large institutions have a clear preference for the USD Coin (USDC) stablecoin. The other thing that is relevant in this space is Tether (USDT), but it creates a significantly smaller amount of assets. Among the ten major crypto institutions evaluated, only Hashkey had only USDT. The other four institutions holding USDT were Falconx, Fibig Capital, Spark, and LedgerPrime.
All but Ledger Prime had significantly more USDC than USDT. The remaining five institutions – namely Genesis Trading, Bitscale, Dragonfly, CMS and Infinity Ventures Crypto – were not holding any USDT. In total, these institutions held $177 million in USDC and just over $13 million in USDT.
Leading altcoin Ethereum takes its place in corporate wallets
Another prominent asset was Ethereum (ETH); Genesis Trading alone has 119,000 ETH worth about $200 million. Then Flaconx came to the fore with $21.6 million and Hashkey $3 million worth of Ethereum. Apart from the aforementioned stablecoin and Ethereum, there was not much in common between the wallets of these institutions.
Investing in COMP, GRT and more
One of the largest entities, Genesis Trading, held Compound (COMP) as its third-largest asset after Ethereum and USDC, with over $7 million in wallets. One project that appears in multiple enterprise wallets is The Graph (GRT), a web 3.0 infrastructure provider whose token is held by both Genesis and Spark.
Another asset held by multiple institutions is the Lido DAO (LDO), a token of an Ethereum liquid staking solution held by both Falconx and Bitscale Capital. Another example was DyDx (DYDX), the decentralized finance protocol managed by Hashkey and CMS. No other assets play a significant role in the institution’s multiple wallets. The findings follow a recent analysis that explains how institutional investors are playing an increasingly large role in the cryptocurrency market. Because, as Cryptokoin.com has previously reported, when it comes to the rise and fall in the market, the eyes are turned directly to the institutions.
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