The crypto market is undergoing one of its lowest cycles since the turn of the year. Some crypto forecasts predicted a more positive outlook for the crypto market for November. However, events changed things negatively.
The U.S. Federal Reserve (Fed) held onto the rates hike, and FTX’s collapse further plunged the market into chaos. After recent events, investors withdrew most of their crypto holdings from FTX and other major exchanges.
Institutional Investors Increase Crypto Holdings
According to a Coinbase report in the Institutional Investor Digital Assets Outlook Survey, professional investors have added to their portfolios. The survey conducted on 140 investors between September 21 and October 27 revealed this information.
The total crypto assets of these investors were $2.6 trillion. This survey was before the FTX incident, before the latest price downtrend.
Of the survey participants, 62% already in possession of crypto holdings increased the size of their portfolio. This increase took place within a year. Notably, just 12% of the survey participants decreased their assets in the same timeframe.
It implies that institutional investors have taken a long-term stance on crypto assets with optimism for the future. Up to 58% of these investors will likely increase their holdings in the next three years.
Overall, the general sentiment for cryptocurrency was optimistic, with around 72% of the respondents affirming their belief in cryptocurrency. This survey highlights the increasing adoption of cryptocurrencies globally.
The three main reasons for crypto investment noted in this survey are: investing in innovative technology, improved funding, and access to profitable opportunities.
Coinbase Stocks Under The Weather
Coinbase stocks have taken a significant hit in the prevailing bearish market cycle. The stock (COIN) fell to a low of $40. It is currently up to around $45.57. COIN is trading at almost less than 90% of its all-time high value of $357, achieved on November 2021.
Binance has now officially surpassed Coinbase Pro as the largest holder of Bitcoin. According to the information from CryptoQuant. With over $8 billion worth of crypto removed from central exchanges, Binance exchange; now has the largest store of BTC holdings.
Coinbase CEO Brian Armstrong has moved to dissuade fears of a possible collapse similar to FTX. In his tweets, he expressed sympathy and stated that Coinbase…