There are all kinds of exciting moves in the crypto space these days despite the massive market volatility. Check out the latest huge money moves that have been made in the market.
$1 billion flows into crypto
It’s been revealed that a massive amount of money just entered crypto.
The chief investment officer of Valkyrie Investments has recently revealed that the crypto asset manager is turning to flight-to-safety assets such as Bitcoin (BTC) as The Merge approaches.
In a new interview with Bloomberg Technology, Valkyrie CIO Steve McClurg made sure to explain to people that as Ethereum (ETH) prepares to transition to a proof-of-stake consensus mechanism in September, the crypto asset manager is exiting all of its positions in ETH.
McClurg says Valkyrie, which has about $1 billion in assets under its management, moves its funds to Bitcoin and other smart contract blockchains such as Avalanche (AVAX) and Zilliqa (ZIL).
“Right now Bitcoin is really the flight to safety for a lot of our funds…some of the more established proof-of-stake protocols are also a great place to be. Places like Avalanche and Zilliqa…”
He continued and said the following:
“So we’re really moving out of anything that has too much exposure to ETH right now until we see this merge sometime in [the] middle [of] September and into some of the safer larger crypto protocols.”
McClurg also explained that Ethereum’s upgrade to a proof-of-stake consensus mechanism comes with tradeoffs that could pose major risks to investors.
“I don’t necessarily think a move to proof-of-stake is a great thing for Ethereum in the short run. In the long run, it might actually work out.”
Other than this, the crypto market looks good today, and the most important coins are trading in the green.
BTC is trading at $21,438, and ETH is now priced at $1,661. Stay tuned for more news.