$BTC was trading around $68,000, up slightly on the day but down for the week. Robinhood’s head of crypto said users are taking advantage of this environment to buy on the spur of the moment and diversify beyond just investing. $BTC and $ETH.
summary
- $BTC It’s trading near recent lows after weeks of decline on continued ETF outflows and extreme fear.
- Robinhood users are increasingly simply $BTC, $ETH During the recession, to a broader basket of tokens.
- Staking demand $ETH Robinhood’s SOL has performed well since its launch in December, indicating active on-chain usage rather than passive ownership.
Amid the current market decline, crypto investors are diversifying their holdings beyond Bitcoin and Ethereum, according to a Robinhood executive.
Johan Kerblatt, head of cryptocurrencies at Robinhood, said in a recent interview that many platform users see the ongoing market downturn as an opportunity to buy digital assets at lower prices. However, trading activity is expanding beyond the largest cryptocurrencies, Curblat said.
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“Customers see the current market as an opportunity to buy. However, customers are expanding their trading beyond the two or three most popular cryptocurrencies to include a broader range of assets,” Curblat said.
The executive reported that customers are actively using their tokens instead of simply holding them on the platform. Curblat said interest in staking has remained strong since Robinhood launched in December.
The shift in investor behavior comes as overall market sentiment remains at extreme fear levels, according to market indicators. U.S. spot Bitcoin exchange-traded funds have been experiencing net outflows for several weeks, according to data.
Despite the negative market environment, interest in decentralized finance use cases is increasing, Kerblatt noted.
Bitcoin and altcoin prices have continued to fall in recent weeks, with losses mounting across the crypto market.
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