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Analyst: ‘Tidal wave’ of institutional money is coming for crypto

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Analyst: ‘Tidal wave’ of institutional money is coming for crypto

Analysts at H.C. Wainwright & Co. strongly believe that large institutional investors are just getting started in their investments in crypto ETFs, leading to a need for regulatory clarity in the industry. 

Citing the recent Coinbase State of Crypto Summit, the analysts expressed a positive sentiment about the crypto industry as a whole. They firmly believe positive momentum is building across the crypto ecosystem, and more money is coming.  

The summit, which took place in NYC, highlighted increased institutional interest in crypto, garnering a bullish sentiment on Bitcoin and digital assets. Key topics at the event included the successful launch of spot Bitcoin (BTC) ETFs, the evolution of payments and stablecoins, the tokenization of real-world assets, and the need for better crypto regulation in the U.S. 

Institutions are just getting started in their investments

Following the passing of spot BTC ETFs, there has been a significant rally for BTC and other digital assets, attracting new investors. 

Spot BTC ETFs have amassed over $15 billion in total net inflows and manage approximately $63.5 billion in assets, making them the fastest-growing ETF class in history. Coinbase serves as the custodian for about 90% of these assets.

However, about 80% of these inflows come from retail investors, and major broker-dealer and investment advisory platforms are still doing their “due diligence,” so there should be more growth and even greater inflows as these products gain broader approval.

“Expect a tidal wave of institutional inflows when the large wealth platforms approve BTC ETFs,” the analysts noted.

Additionally, over $70 trillion in wealth is expected to shift to younger investors — millennials and Gen Z — who are much more inclined to invest in crypto than the older generation. 

Tokenized assets 

Traditional financial systems are slow to change, but the broader crypto industry is evolving to the point of real-world utility, moving beyond just an asset class and store of value. 

“Stablecoins settled $10 trillion in total volume in 2023, exceeding total transaction volume for the second largest payment network in the world, Mastercard, while Coinbase found in a recent survey that 56% of Fortune 500 companies are actively working on projects on the blockchain.” the report read. 

BlackRock, the world’s largest asset manager, has tokenized real-world assets on the Ethereum blockchain. The BlackRock USD Institutional Digital Liquidity Fund holds $382M in AUM.

Other analysts believe the global Exchange-Traded Fund (ETF) market could hit $35 trillion over the next decade, which will include crypto investments.

Regulatory clarity

Proper regulation could benefit the crypto industry and encourage institutional investors to get involved. The recent bipartisan support for the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House of Representatives suggests a more favorable regulatory environment for crypto.

Citing all these reasons, the H.C. Wainwright analysts are hopeful that clear and thoughtful regulation in the U.S. will positively impact crypto prices and trading volumes by attracting institutional investors who have been “waiting on the sidelines” due to the lack of clarity. 

They reiterated their “Buy” rating of Coinbase Global, Inc. (COIN) with a price target of $315 per share. COIN is currently trading at $238.18