Polkadot shows signs of recovery despite declining activity

While Bitcoin and Ethereum capture the bulk of institutional flows, Anthony Scaramucci looks elsewhere. The founder of SkyBridge Capital shows clear optimism towards Polkadot. Between tokenomics reform, regulatory clarification, and disappointing spot ETF, DOT is going through a pivotal period. Can the machine really restart?

Scaramucci sees potential in Polkadot that the market still ignores

Anthony Scaramucci, founder of SkyBridge, recently took a position in favor of Polkadot. His analysis is based on a simple observation: despite a lack of apparent enthusiasm, several fundamental catalysts could revive the project’s momentum in the medium term.

The first lever is regulatory. In the United States, the Securities and Exchange Commission classified DOT as a “digital commodity,” on par with Bitcoin and Ethereum. This clarification reduces legal uncertainty, a key factor for attracting institutional investors.

The second pillar is the tokenomics overhaul. Polkadot introduced a supply cap set at 2.1 billion tokens. At the same time, annual emissions were halved. This mechanism strengthens the asset’s scarcity and fits into a quasi-deflationary logic, often positively perceived by the market.

Finally, the arrival of a Spot DOT ETF, notably via 21Shares, sends 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 disconnect between theoretical potential and actual investor interest.

A declining network and a breathless ETF

Since its launch, the 21Shares Spot DOT ETF has recorded only one day of net inflows, amounting to a limited $544,500. Since then, flows have remained nonexistent.

This lukewarm start reflects a persistent lack of institutional investor interest in altcoins. A trend that BlackRock clearly confirms: over 90% of crypto ETF flows today concentrate on Bitcoin and Ethereum, leaving little room for the rest of the market.

Polkadot’s on-chain activity is little more reassuring. The average number of active addresses per week has dropped from 16,000 to only 5,000 in two years. A sharp decline that reflects a gradual disinterest of users in the ecosystem.

In the markets, sentiment briefly turned green after the announcement of reforms, allowing DOT to rise by 18%. But the momentum quickly faded around $1.65. If the current macroeconomic uncertainty worsens, the price could fall back to the support at $1.23.

Scaramucci deserves credit for identifying improving fundamentals. However, between an ETF struggling to attract capital, a draining network, and a market dominated by Bitcoin and Ethereum, Polkadot will need much more than technical reforms to regain investors’ trust.