But BIG institutional money does not invest without back-ups or failsafes. I have heard many serious investor say they don't even touch certain exchange platforms, because those platforms don't offer the insurances that they require to safeguard their wealth.So while the definition of 'smart money' is up for discussion, I don't think the big institutional investors are at all much invested in most smaller cap coins, because the trading platforms that they trust their millions to just doesn't support that crypto and they are not risking their money elsewhere.
What I do think is that some big Bitcoin whales have invested in those crypto's, but they are very different from institutional money I think.
Also the mob isn't needed for investing, they are needed as users. Once the users are there, it is interesting for investors.
As it stands the current name doesn't draw much new blood in, I myself must admit to have not checked out the platform for many months until quite recently because it did not appeal to me. After that, I of course had another hurdle with the UI but that's another story.
I truly believe that if Bitshares/etc. focuses on becoming the easiest and best DEX as it's prime focus (as well as in name), it would be in it's best interest. People would be drawn in by the security, cheap costs and ease of use.. why would they ever go back to traditional exchanges? That is in my mind the true potential of Bitshares. The whole 'shares' aspect of it might just as well be hidden behind the curtains, and only visible to more serious investors (just make a basic and advanced version, or different interfaces.. smart money will figure it out).