1 of cryptocurrency's biggest hedge funds says it will keep avoiding XRP and Stellar (XLM) because their supply is besides centralized.

In an interview with YouTube series Thinking Crypto on April 10, Mark Yusko, CEO of Morgan Creek Digital, confirmed that its policy on the two altcoins would stay unchanged.

Yusko: We don't own XRP or Stellar

"We exclude anything... that'south as well closely held, so we don't own Stellar and we don't own XRP," he told the show.

Yusko was referencing the joint fund that he set up with asset manager Bitwise in 2022, the Morgan Creek Bitwise Digital Asset Alphabetize Fund. It tracks the top ten cryptocurrencies and contains just over 80% Bitcoin (BTC) weighting.

As Cointelegraph reported, Ripple, the largest holder of XRP tokens with effectually 6.5 billion nether its control, continues to create controversy over its position, including from large sell-offs conducted by senior executives.

Continuing, Yusko explained that the policy mimicked the S&P 500 — closely-held shares opened the door for potential cost manipulation.

"Tesla, for example, by size would be in the South&P, but it tin't be because it'due south besides closely held and I can manipulate the cost," he said.

"The aforementioned matter is truthful in crypto — at that place were two which had too much densely-held tokens and so we experience that those tin be… they're not as freely tradeable as, say, Bitcoin or Ethereum or Dash or Monero."

In January, Ripple CEO Brad Garlinghouse striking back at accusations that the company could "control" the XRP price, likening its position to a Bitcoin whale.

99% of altcoins headed to $0

Beyond XRP, Yusko fabricated some bold predictions. Excluding the sixteen or so big marketplace cap cryptocurrencies, the vast bulk of tokens volition "go to aught," he said, as they represent bets on companies with piddling chance of success.

To these "utility tokens" he attributed the term "shitcoins," in line with popular rhetoric from those who focus mainly on Bitcoin as the truthful innovation to come from the cryptocurrency miracle.

Yusko summarized:

"At that place's nothing incorrect with utility tokens — or 'shitcoins' as they're affectionately called — in that location's nothing wrong with them, it'due south simply that 99% will go to zero because they're just pre-seed phase venture capital letter, which has a very low hit rate."

In the case of XRP, Cointelegraph Markets analyst Michaël van de Poppe believes that bulls remain in the marketplace, attempting to terminate prices hitting all-time lows.