Crypto investors are divided between “strategic developers” and “bystanders.”


© Reuters – Investors are viewing the cryptocurrency industry as either “strategic developers” or “watchers” during a recent year-to-date rally, according to analysts at Bernstein.

Bitcoin, the world’s most popular digital asset, has risen more than 400% since its 2022 low and is now within spitting distance of its all-time high of $68,999. Still, trading volumes were relatively subdued, a possible indication that confidence in cryptocurrencies has been weakened by a series of high-profile frauds and bankruptcies.

Instead, the gains are mainly due to steady capital inflows into Bitcoin following the approval of several US exchange funds that directly track the price.

Data from digital asset manager CoinShares showed that Bitcoin-linked investment products recorded a fifth consecutive week of capital inflows in the week ended March 4, totaling $1.7 billion. While short positions on the token increased, U.S.-listed ETFs tracking Bitcoin, particularly offerings from BlackRock (NYSE:) and Fidelity, saw the lion’s share of inflows.

In a note to clients, Bernstein analysts said these firms are “strategically” expanding their exposure to cryptocurrencies as they “pursue the wealth management niche that is expected to grow the fastest.”

But the majority of traditional equity managers, Bernstein analysts say, are choosing to “watch from the sidelines.” They argued that these investors should correct their so-called “catastrophic allocation” to crypto-vulnerable stocks like Bitcoin miners CleanSpark (NASDAQ:) and Riot Platforms (NASDAQ:).

“The opportunity in crypto lies in this adoption curve,” the analysts said.


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