OANDA senior market analyst for the Americas Edward Moya weighs in on the state of institutional and retail interest across the digital assets industry.
The overall appetite for risk has somewhat held up. Uh It seems that we're getting close to the end of the Fed's tightening cycle. Um And crypto has been fascinating because the institutional interest has definitely uh percolated um retail. I think they're still looking at their wounds from FTX. I think there's still a lot of lost confidence in the space. But I mean, if you take a look at the price action, um a lot of the, the, the big money they're, they're seeing, wow, look at this asset class, uh Bitcoin um has doubled this year. Uh You have, um, oftentimes, uh, you know, buy the room or sell the news type of reactions in crypto. And there's a lot of optimism here that, uh because you have the likes of Blackrock, you have, you know, you know, almost a dozen, you know, spot Bitcoin ETF S that it, it's, it seems that there's confidence that, you know, some will get approved within the next couple of months that you've seen, um uh you know, a fresh push. Um and, and, and to flows into this uh space. So I think there's, there's a lot of optimism that there will be some good news. But I think there's, there's a lot of doubts that this will lead to a sustained rally.