Institutions More Bullish On Ethereum In H2 Of 2023
Between July 2023 and January 2024, the concentration of bitcoin and ether in institutional digital asset portfolios increased from 50% to 80%, according to Bybit’s latest user asset allocation report. Institutions were more bullish on ethereum than bitcoin, with stablecoins and altcoins making up the remaining 20%.
The trend started in September 2023 and accelerates to around 40% in January 2024. Ether is the single largest holding by INS institutions as of 31 Jan 2024.
The over-allocation to ether may be due to institutions anticipating the positive impact of the Dencun upgrade on Ethereum, given its underperformance in 2023. Retail investors’ concentration in BTC and ETH averaged 35% as of Jan. 31, 2024, aligning with their “distinct investment style” which prioritizes altcoins and cash or stablecoins. Despite their lower average concentration, retail investors are still more bullish on bitcoin than ethereum.
(With inputs from Shikha Singh)
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