Alt season is on: Polygon launch of the native Cronos MMF coin raises almost $130 million in 24 hours – oversubscribed by 12,880.49%


BTC @ $24.5K

ETH @ $2K

BNB @ $330

MATIC @ $1

The markets have obviously settled a LOT since the CPI figures showed we’re likely past peak inflation, but as a top post points out today, it seems alt season might be about to start, if it’s not underway already. A LOT of money has been pouring back into DeFi this past week, but one project has raised almost $130 million in just 24 hours: the launch of the native Cronos MMF coin on the Polygon network.

Given how the Fear Index was sitting at ‘Extreme’ just a month ago, it’s a good time to remember what happened in the period from August to November last year: BTC exploded to $69K in just three months.

‘But what about inflation and the spiralling costs of energy?’

The big boys know we’re going to see a new run either next year or early in 2024 and serious institutional cash has already started pouring back into crypto.

Even the traditionally sceptical Financial Times now has a regular crypto feature and a crypto columnist. Yet this time last year the FT treated crypto as a joke.

Asset managers bet big on crypto despite market rout

Abrdn’s investment, which has not been previously reported, comes as BlackRock, the world’s largest money manager, has not only announced plans for a spot bitcoin trust for institutional investors but also agreed to link its Aladdin technology platform to the Coinbase crypto exchange. The latter move should ease the way for the 82,000 investment professionals that use Aladdin to offer clients access to bitcoin.

Meanwhile Charles Schwab, the US broker and investments group, last week launched an exchange traded fund aimed at giving investors exposure to crypto without actually buying the currencies. And UK asset manager Schroders bought a stake in digital assets manager Forteus in July.

While Fidelity has been offering digital asset custody services for nearly five years and in April added a bitcoin option to its retirement offerings, this summer’s activities signal a broader acceptance of digital assets, market analysts said.

The money shot:

“Large asset managers are starting to consider this a real investment,” said Chris Brendler, a senior research analyst at DA Davidson. “I think it’s a major data point in terms of traditional asset management companies embracing what really for years has been almost ridiculed.”

As usual, NFA/DYOR

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