While Bitcoin and Ethereum capture the majority of institutional flows, Anthony Scaramucci looks elsewhere. The founder of SkyBridge Capital displays assumed optimism towards Polkadot. Between tokenomics reform, regulatory clarification and disappointing spot ETF, the DOT is going through a pivotal period. Can the machine really restart?
In brief
- Anthony Scaramucci, founder of SkyBridge Capital, publicly supports Polkadot and its native token DOT.
- The SEC recently classified DOT as a digital commodity, along with Bitcoin and Ethereum.
- A major tokenomics reform capped DOT supply at 2.1 billion, with a 53% reduction in annual emissions.
- The 21Shares Spot DOT ETF has seen just one day of inflows since its launch.
Scaramucci sees potential in Polkadot that the market still ignores
Anthony Scaramucci, founder of SkyBridge, recently took a stance in support of Polkadot. His analysis is based on a simple observation: despite an apparent lack of enthusiasm, several fundamental catalysts could revive the dynamics of the project in the medium term.
The first lever is regulatory. In the United States, the Securities and Exchange Commission has classified DOT as a “digital commodity,” along with Bitcoin and Ethereum. This clarification reduces legal uncertainty, a key factor in attracting institutional investors.
Second pillar: the overhaul of tokenomics. Polkadot introduced a supply cap set at 2.1 billion tokens. At the same time, annual emissions have been halved. This mechanism reinforces the scarcity of the asset and is part of a quasi-deflationary logic, often perceived positively by the market.
Finally, the arrival of a Spot DOT ETF, notably via 21Shares, constitutes a strong signal. On paper, this product was supposed to open the door to broader institutional adoption. But in reality, flows remain extremely limited, revealing a gap between theoretical potential and real investor interest.
A network in decline and an ETF without breath
Since its launch, the 21Shares Spot DOT ETF has seen just one day of net inflows, amounting to just $544,500. Since then, the flows have remained non-existent.
This lackluster start reflects a persistent lack of interest in altcoins from institutional investors. A trend that BlackRock clearly confirms: more than 90% of flows into crypto ETFs today focus on Bitcoin and Ethereum, leaving little room for the rest of the market.
Polkadot's on-chain activity is hardly more reassuring. The average number of active addresses per week fell from 16,000 to just 5,000 in two years. A sudden drop, which reflects a gradual disinterest of users in the ecosystem.
On the markets, sentiment briefly turned green after the announcement of reformsallowing the DOT to increase by 18%. But the momentum quickly fizzled out around $1.65. If the current macroeconomic uncertainty worsens, the price could fall to the support at $1.23.
Scaramucci has the merit of identifying fundamentals undergoing improvement. However, between an ETF that is struggling to attract capital, a network that is emptying and a market dominated by Bitcoin and Ethereum, Polkadot will have to do much more than technical reforms to regain investor confidence.
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