Okcoin Says Altcoins have Driven Institutional Interest in Crypto in 2021

Sahaj  |  Oct 26, 2021

Okcoin, a popular crypto exchange has recently reported that the number and trading volume of institutions surged notably in the last year, driven mostly by altcoins and tokens in Defi. As revealed in the report released on October 26, Okcoin, headquarters of which are based in the United States, said that it had witnessed a 450% increase in the number of institutional customers on its platform.

Okcoin Crypto Exchange Says Altcoins Drove the Institutional Interest in Crypto

In accordance with the report shared by Okcoin, the crypto exchange founded back in the year 2013, around 53% of the purchases institutional investors made in the month of September were for altcoins. Along with this, the report revealed that the customers showed an increased interest in crypto assets rather than Bitcoin as compared to the previous years. 

Particularly, the exchange reported that the institutions had shifted to younger assets in the year 2021, including MIA on August 3. The report said:

“Institutional activity on the platform is indicative of macro sentiment among large-scale investors, with clientele including asset managers, venture capital and hedge funds, retail brokers, payment processors, and other entities around the globe.” 

In addition to this, it should be noted that on the basis of the data obtained from trading platforms, other companies in the crypto and blockchain space have reached alike conclusions.

Chainalysis Reports on the Same

Back in the month of September, Chainalysis, an analytics firm shared a report that said that the transactions of over $10 million accounted for more than 60% of Defi transactions in the second quarter of the year 2021. 

Adding further to support the argument, several reports were also shared regarding Solana, and they said that the institutional interest in Solana has surpassed the interest in Bitcoin as well as Ethereum.  

Amid this, it should be laid an emphasis on the news that Okcoin has successfully managed to secure the regulatory approval for conducting operations in Malta and the Netherlands.

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