Cryptocurrencies
Instead of Bitcoin-to-the-Moon Refrain, Buyers Turn Defensive
- Native tokens of crypto exchanges outperform usual favorites
- Arca purchased tokens from a distressed exchange and won big
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Crypto investors are taking a page from the playbook of their more traditional counterparts and turning to defensive plays during the surge in geopolitical turmoil and global market volatility.
Instead of doubling down on Bitcoin after its almost 45% fall from record highs or loading up on more Dogecoin, crypto fund managers are buying the normally strand native tokens of some of the leading digital-asset exchanges. That’s a far cry from the days not too long ago when “to the moon” served as the rallying call for the embryonic asset class.