Hodl onto your bags, the sentiments of full blown excitement and euphoria are tangible, not only on the traded markets, but in every corner of the digital assets arena. The institutional money seems to have developed an appetite for innovation.
Many people in the blockchain and cryptocurrency space will remember the crypto winter that followed the now eclipsed 2017 bull market cycle. Detractors were quick to declare the digital assets market’s death. While on the other hand, proponents told us to hodl on faithfully – as it was only a matter of time before the institutional players saw the light.
And so we hedl with devotion as time ticked away and the industry continued to innovate. Today, it all seems to be starting to pay off. There is a flood of institutional investors looking to venture into this new technological terrain, some of whom had initially expressed their doubts and downright distaste for the fledgling market.
As this trend continues, we can expect to see more upward volatility in the crypto markets. Let’s take a look at some of these major entrants.
Legacy Players Betting Big On Digital Assets
A number of major players in the legacy finance and tech sectors have started to view this alternative technology as a viable investment option in their drive to keep up with developments. Here’s a Look at who they are and what they’ve done thus far.
Goldman Sachs (NYSE, GS), one of the biggest names in private banking and a former skeptic of crypto currency seems to have turned 180° in 2021. In two potentially major moves, Sachs came out the frontrunner of Coin Metric’s most recent round of funding and also plans to open a desk dedicated to Bicoin derivatives trading. This shows a clear interest in digital assets from the private clients end.
CITI BANK (NYSE, C), another one of Wall Street’s biggest banks plans to establish a presence in the new financial market. First on Citi’s agenda, after careful consideration of course, is to offer their customers trading, financing and custody of digital assets.
This can be also taken as a sign of healthy interest in crypto investment as major institutional players would probably prefer to get crypto services from the well established names they already know. This is likely the driving force behind the big banks sudden interest in offering digital assets related services.
Standard & Poors are also looking to get an early start. As per CoinDesk report, S&P recently launched its first digital assets indexes. These are SPBTC, SPETH and SPCMC, which respectively track the performance of Bitcoin, Ethereum and a combination of both.
This move has the potential to further diversify the range of digital assets related products.
Final Thoughts
As more and more capital flows into the digital assets market, one can expect to see a lot more volatility before the market steadies into a more mature flow. At this point in time, there is no telling when that will be. So Hodl on tight, it’s a long way to the moon.
