As the decline in Bitcoin (BTC) and altcoins continues to deepen, one analyst noted that investors are shifting their focus from major assets like Bitcoin and Ethereum (ETH) to a wider range of altcoins during the downturn.
Robinhood’s head of crypto, Johann Kerbrat, said in a recent interview that many users see the ongoing market downturn as an opportunity to “buy the dip.”
However, Kerbrat said that investors are trading in a wider range of assets beyond Bitcoin and Ethereum.
“Customers see the current market as a buying opportunity. However, they are expanding their transactions beyond the two or three most popular cryptocurrencies to include a wider range of assets.”
Kerbrat concluded by saying he observed that his clients were not only holding their tokens on the platform but also actively using them. He noted that interest in staking has been strong since Robinhood launched its staking feature in December. He pointed out that despite overall market sentiment remaining at an extreme level of fear and US spot Bitcoin ETFs experiencing net outflows for several weeks, interest in DeFi use cases is increasing.
*This is not investment advice.
