Ethereum now the largest institutional crypto asset

A new report reveals that institutions have allocated a significant portion of their investment portfolios to Ethereum, with Bitcoin following closely behind, in stark contrast to the retail users who show a stronger preference for Bitcoin. Bybit conducted a survey of traders holding assets on the exchange, and the report indicates that institutions have increased the concentration of their portfolios in Bitcoin and Ethereum to 80%, driven by expectations of the Ethereum network's anticipated upgrade, with Ethereum seeing a substantial increase in investment. Meanwhile, the report adds that retail users exhibit lower concentration in these assets and a higher inclination towards altcoins. The report also states that despite the high returns in 2023, institutions have significantly reduced their positions in altcoins, particularly volatile categories such as meme coins, artificial intelligence (AI), and BRC-20 tokens. Instead, institutions are focusing more on stable asset tokens like Layer-1 and decentralized finance (DeFi) protocols.