Cryptocurrencies
Institutional Investors Are Using Back Door for Crypto Buys
- Hedge funds, miners shift sales to over-the-counter trading
- Transactions run counter to peer-to-peer crypto history
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Institutional investors are becoming more involved in the $220 billion cryptocurrency market than many observers may realize.
Buyers such as hedge funds have replaced high-net-worth individuals as the biggest buyers of large swaths of digital coins worth more than $100,000 through private transactions, according to Bobby Cho, global head of trading at Cumberland, the Chicago-based cryptocurrency trading unit of DRW Holdings LLC, which handles the over-the-counter purchases.