A report by Bybit Research shows that institutional traders are more bullish on Bitcoin, have mixed views on ETH, and are skeptical of altcoins.
Institutional traders’ holdings of Bitcoin (BTC) nearly doubled in the first three quarters of 2023. At the same time, institutional traders and whales (i.e., the largest owners of Bitcoin) are skeptical of altcoins, with data showing that despite a brief rise in altcoin holdings in May, traders' altcoin holdings have generally declined. Significant declines began in August, particularly among institutions, reflecting a cautious stance on these more volatile assets.
In addition, data shows that ETH holdings have generally declined since the Ethereum blockchain Shapella upgrade, but institutional traders saw a surge in September as ETF news stimulated the market and the cryptocurrency outlook was optimistic.
Year to date, BTC prices are up about 140%, while ETH prices are up 87%. (Coindesk)