According to a new report from Bybit Research, institutions have allocated most of their investment portfolios to Ethereum, with Bitcoin following closely behind, which is in stark contrast to individual retail investors who are more bullish on the latter. Bybit surveyed traders who hold assets on the exchange and the report shows that institutions have increased the concentration of their investment portfolios in Bitcoin and Ethereum to 80% due to the anticipated Dencun upgrade, with Ethereum seeing a significant increase in investment. Meanwhile, the report adds that retail users have lower concentration in these assets and are more inclined towards altcoins. The report also states that despite high returns expected in 2023, institutions have significantly reduced their positions in volatile categories such as meme coins, artificial intelligence (AI), and BRC-20 tokens. Instead, institutions are focusing more on stable asset tokens such as Layer-1 and decentralized finance (DeFi) protocols.