Defiance Capital’s CEO and CIO Arthur Cheong has called out what he perceives as the negative influence of institutional capital on crypto as it has become their “preferred instrument of short hedges during any risk-off event on the weekend now.”

Cheong, who leads the Singapore-based, crypto-native investment firm with stakes in leading DeFi protocols like Aave, dYdX, Lido, Arbitrum and Layer Zero, has vocally voiced his discontent with crypto becoming the punching bag for recent weekend crashes that have spared traditional markets, which don’t open for another 24-48 hours.

By then, the dust would have settled, and long-term context would have dulled the raw emotions from the initial panic that crypto has caught squarely on…