Bybit report: Institutional and retail investors reduce stablecoin holdings, institutional holdings concentrate on BTC and ETH

Bybit released its second quarter asset allocation report, which revealed asset allocation data for institutional and retail investors from December 2023 to May 2024. According to the report, as of May 2024, Bitcoin (BTC) remains the largest single asset held by all users, accounting for 26% of total user assets. At the same time, the report also shows that all users' holdings of stablecoins have shown a downward trend, from 50.2% in December last year to 42.8% in May this year. Excluding stablecoins, 61% of users focus their cryptocurrency investments on BTC and ETH. Although the market has regained optimism about the prospects of Ethereum due to the approval of the Ethereum spot ETF, institutional and retail investors still prefer Bitcoin. However, compared with retail investors, institutional investors' Bitcoin and Ethereum holdings have become more concentrated, accounting for 39.4% and 20.9% of Bitcoin and Ethereum holdings, respectively, as of May. Bybit's second quarter asset allocation report also provides analysis on the holding trends of non-mainstream coins (Altcoins) and leverage behavior between institutional and retail investors.