CoinShares was recently surveyed to find the top altcoin interest among the big players of the market. The survey was called the Digital Asset Bi-Monthly Fund Manager Survey and included the participants that are running the show for the whale and high net worth individuals. The participants of the survey were asset and fund managers who specialized in cryptocurrencies that run around $200 billion AUM.
The survey claimed that the mega investors are moving away from the top market cap cryptocurrencies like Ethereum. On the other hand, professional cryptocurrency asset managers are directing their attention towards altcoins like DOT, ADA, and XRP. The survey could be the reemergence of the “Flippening” theory that suggests that altcoins will take over the crypto market.
Big Players are Moving from Ethereum to Other Altcoins
It is worth noting that despite the bullish predictions for Ethereum, the cryptocurrency fund managers are replacing their bets on altcoins. The survey by CoinShares suggests that the cascading Ethereum trend has been happening since March. The survey report also claims that the Bitcoin positions have remained unchanged predominantly.
Around 20% of the survey participants suggested that they have decreased their Ethereum acquisitions by 25%. Furthermore, the statistics issued by Daily Hodl suggest a trend showing an up to 12% increase in ADA, 6% increment in XRP, and a 13% addition of Dot among the asset management portfolios. One altcoin that has lost its dominance more than Ethereum is SOL that which has decreased by 4% for speculative reasons.
The UST de-pegging incident has affected the confidence of many investors in the cryptocurrency sector. To this end, professional fund managers are determined to make their portfolios more diversified. Additionally, many investors are seeking new positions in the cryptocurrency market as an alternative to stocks.
Despite ADA token market value dropping considerably last week, the trend of the investors continuing to keep acquiring it has not changed. The survey also claims that ADA has managed to remain the 6th largest crypto by market cap and hosts around 5 million active users around the world. When ADA dropped to $0.40 recently, Whales rushed to buy from the dip, citing the improvements with the upcoming Vasil upgrade.