Institutional investors have shifted their focus from Ethereum, showing a preference to the largest cryptocurrency Bitcoin. Bitcoin’s recent gains have not been enough to convince many people. rally to over $55,000Ethereum’s unique capabilities and potential for development continue to attract the interest of institutional players.
Institutions prefer Ethereum over Bitcoin
Bybit, the cryptocurrency exchange, will launch its February 24th trading day. published A research report on the asset allocation of its users. The research covered the period between July 2023 and January 2024. Bybit’s report provided valuable insight into investors’ allocation of assets across cryptocurrencies like altcoins, stablecoins The following are some examples of how to get started: meme coinsIt will show you which specific coins the users are bullish or bearish about.
According to a recent research report, Ethereum is now the preferred cryptocurrency for institutional investors. The report revealed “institutions are betting big on Ethereum,” allocating more of their funds to ETH compared to BTC.
Bybit claims that interest in Ethereum began around September 2023 at a price of $2,000. Ethereum’s sentiment changed over time. bullishThe interest of investors is set to increase by 40% in January 2024. The crypto exchange has confirmed, as of the 31st January, ETH is now the most popular cryptocurrency among institutions.
Bybit’s Report also revealed that institutional Investors’ interest in Bitcoin began to wane Following the United States Securities and Exchange Commission approval of Spot Bitcoin ETFs On January 10, 2024. Bitcoin was being sold at a rapid pace, and many investors were dumping their BTC to favor other cryptocurrencies.
It is important to note that the word “you” means “you”. excessive allocation of Ethereum According to reports, this is due to investors expecting a favorable outcome from Ethereum’s forthcoming Decun UpgradeThe launch is scheduled for March 2024.
Bybit revealed that they are still determining if this recent move to Ethereum will be a temporary manoeuvre or one which is more long-lasting. The approaching deadline is a concern. Bitcoin halving In April, there is a potential layer of risk for the bears. projections Bitcoin’s value has risen to new heights, despite the halving.
Source:| Source: ETHUSD on Tradingview.com
Retail Investors Believe Differently
Bybit’s research report also examines asset allocation trends for retail investors at the cryptocurrency exchange. Retail investors have significantly higher levels of investment than institutional investors, according to the report. bullish on Bitcoin than EthereumDespite Ethereum’s recent rise in value, BTC is still the preferred currency.
Ethereum has seen a significant increase in the past week. experienced a substantial hike Its price has risen over 7%, outpacing Bitcoin and suggesting the potential for an even more widespread adoption. upward trajectory. CoinMarketCap reports that at the time of this writing, Ethereum’s price is $3,227. This represents a 4.05% gain in the last 24-hours.
The following are some of the ways to get in touch with us Ethereum’s massive rally Retail investors have been less affected, preferring to retain or incorporate additional funds. Bitcoin Digital assets are a part of a portfolio that is diversified.
Chart from Tradingview.com, image from Cointribune
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