KuCoin drives institutional investments to reach 1B with Ethereum

Updated as of June 14 at 6:00 am UTC: An update has been made to clarify the distinction between institutional and retail investments.
According to a report by KuCoin’s research division, the cryptocurrency sector witnessed investments exceeding $1 billion in May, a slight dip from the previous month’s figures.
On June 13, KuCoin Research disclosed that there were 156 investments made public in May, with a total of $1.02 billion in investment capital entering the market. This represents a 10.61% rise from May 2023, though it reflects a 6.4% drop compared to April.
Ethereum, EVM blockchains, and L2s continue to dominate
In terms of investments, Ethereum, Ethereum Virtual Machine (EVM) blockchains, and layer-2 (L2) network projects remained popular choices among institutional investors. However, non-EVM blockchains such as Bitcoin, Solana, Fantom, and TON also featured among the top 15 preferred networks for investors in May.
Animoca Brands and OKX Ventures emerged as the most active investors last month, with Animoca Brands involved in 15 deals and OKX Ventures backing 11 projects. Cogitent Ventures, SNZ Holding, and DWF Labs were also active in May, closing 10, 8, and 7 deals, respectively.
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Discover how the crypto game Notcoin attracted over 30 million users – insights from the founder
Rise in FDV trend prompts retail investors to explore alternatives
KuCoin Research noted that in May, retail investors turned to meme and celebrity tokens as a response to concerns about the low float and the rising fully diluted valuations (FDV) trend in the crypto market.
The researchers suggested that tokens launching with high valuations and limited circulating supplies constrained investors, leading them to seek alternative options. KuCoin Research explained:
It was highlighted that Notcoin (NOT) was one of the tokens that capitalized on this shift in May. KuCoin mentioned that Notcoin’s launch with all tokens available from the start contributed to its growth in the previous month.


Notcoin’s price performance from May 17 to June 3. Source: TradingView
On June 3, NOT emerged as the fifth most traded cryptocurrency, surpassing the trading volume of the popular stablecoin USD Coin (USDC). The token achieved a new all-time high of $0.02896 on June 2, propelling its market capitalization above $2 billion.
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