Institutional wallet data shows what assets are being hoarded by major cryptocurrency institutions.
Data provided by CryptoRank shows that major institutions have a clear preference for stablecoin USD Coin (USDC), with Tether (USDT) being the only one that is relevant but represents significantly fewer holdings.
Among the top ten crypto institutions considered, only Hashkey exclusively held USDT.
Crypto’s death was greatly exaggerated
The other four institutions that held USDT were Falconx, Fibig Capital, Spark, and LedgerPrime, all of which also held USDT.
All of them except Ledger Prime held significantly more USDC than USDT. The remaining five institutions, namely Genesis Trading, Bitscale, Dragonfly, CMS, and Infinity Ventures Crypto, had no USDT at all. In total, the institutions in question had $177 million USDC and just over $13 million USDT.
Another leading asset was ethereum (ETH), with Genesis Trading alone with 119,000 ETH worth nearly $200 million at press time, followed by $21.6 million from Flaconx and $3 million from Ethereum by Hashkey.
Aside from the aforementioned stablecoin and ethereum, there wasn’t much in common between the wallets of the institutions in question.
The top institution, Genesis Trading, had Compound (COMP) as its third major asset, after Ethereum and USDC, and had more than $7 million in its wallets. One asset listed on several institutional wallets is The Graph (GRT), a web 3.0 infrastructure provider whose token is held by Genesis and Spark.
Another asset that is held by multiple institutions is Lido DAO (LDO), the token of an ethereum liquid staking solution, held by Falconx and Bitscale Capital. Another example is the decentralized finance protocol DyDx (DYDX) in the hands of Hashkey and CMS.
No other asset plays a significant role in more than one of the institution’s wallets.
The findings follow a recent analysis explaining how institutional investors are playing an increasingly central role in the cryptocurrency market.
