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>>The departure of asset managers from crypto could signal a downturn for many cryptocurrencies.

The departure of asset managers from crypto could signal a downturn for many cryptocurrencies.

crypthub

about 12 hours ago

Crypto Stocks Outperform

Crypto‑related equities have outpaced both Bitcoin and the S&P 500 YTD, driven by AI‑infrastructure pivots and stablecoin growth. ETFs such as FDIG, DAPP and BKCH, plus firms like Coinbase and Robinhood, lead the rally. Their gains stem from fees and services rather than the underlying blockchain assets.

Asset Manager Shifts

Recent 13F filings show managers trimming direct BTC, ETH, XRP and SOL exposure while increasing stakes in infrastructure players like GLXY and COIN. Firms such as Capula and Goldman Sachs have exited pure crypto holdings but retained “picks‑and‑shovels” stocks. This reflects a broader view that crypto assets are lagging while related services thrive.

Fundamental Value and Narratives

The core value of blockchains is limited; Ethereum’s Layer‑1 revenue fell sharply despite huge transaction volumes. Stablecoins and Bitcoin are the only narratives with lasting substance: stablecoins enable cross‑border payments, and Bitcoin is positioned as a potential global reserve asset. Other tokens suffer from a “zero‑sum” trading focus and declining market relevance.

Investment Outlook

The author rates Bitcoin as a BUY, citing its reserve‑asset case, and finds modest interest in ETH. No other crypto projects merit a BUY rating. Future risk lies in the emergence of a new narrative that could revive underlying blockchains, but currently crypto‑related stocks outperform primarily due to AI pivots and a strong equity bull market.