Initial coin offerings (ICOs) continue to overflow the crypto universe, but bitcoin bull Brian Kelly told CNBC that the market is overvalued.
He said investors are in a "wait-and-see mode."
"People are starting to say, 'I'm going to put the brakes on the ICOs right now. I've got my portfolio. I don't need a seventh or eighth ICO,'" the cryptocurrency investor said on "Fast Money" Thursday. "To me, [ICOs are] not as hot as they used to be."
In fact, Kelly said the market for ICOs, or initial coin offerings, a crowdfunding way to raise funds for cryptocurrency ventures, is "very frothy."
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