{"id":11078,"date":"2024-02-27T14:29:51","date_gmt":"2024-02-27T12:29:51","guid":{"rendered":"https:\/\/forklog.com\/en\/bybit-identifies-ethereum-as-leading-institutional-crypto-asset\/"},"modified":"2024-02-27T14:29:51","modified_gmt":"2024-02-27T12:29:51","slug":"bybit-identifies-ethereum-as-leading-institutional-crypto-asset","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bybit-identifies-ethereum-as-leading-institutional-crypto-asset\/","title":{"rendered":"Bybit Identifies Ethereum as Leading Institutional Crypto Asset"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The share of Bitcoin and Ethereum in institutional portfolios increased from 50% to 80%.<\/li>\n<li>Open interest in options for the second-largest cryptocurrency by market capitalization reached a new all-time high.<\/li>\n<li>The growth is linked to increased volatility, expectations for the Dencun upgrade, and prospects for ETF approval.<\/li>\n<\/ul>\n<\/div>\n<p>Ethereum has taken the largest share among cryptocurrencies in the investment portfolios of financial institutions, attributed to the upcoming <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-developers-set-date-for-dencun-upgrade-on-mainnet\">Dencun upgrade<\/a>. This conclusion is drawn from a report by <a href=\"https:\/\/blog.bybit.com\/en\/post\/navigating-bull-and-bear-markets-a-dive-into-asset-allocation-2024q1--blte1f124cb760ac1e0\/\">Bybit<\/a>.<\/p>\n<p>Representatives of the exchange assessed client reports as of January 31.<\/p>\n<p>According to analysts, the rotation of funds from other altcoins and Bitcoin into the second-largest cryptocurrency by market capitalization began in December.<\/p>\n<p>Primarily, meme coins, L2, AI, and BRC-20 tokens were reduced after their active growth throughout 2023.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-929.webp\" alt=\"1-929\" class=\"wp-image-226894\"\/><figcaption class=\"wp-element-caption\">Data: Bybit.<\/figcaption><\/figure>\n<p>Bitcoin held the second position after Ethereum in institutional portfolios, contrasting with the stance of retail investors, who preferred digital gold.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Portfolio Comparison<\/strong><\/h2>\n<p>The two main cryptocurrencies accounted for 79.3% of institutional <span data-descr=\"assets under management\" class=\"old_tooltip\">AUM<\/span> compared to 34.56% among ordinary digital asset enthusiasts. The latter focused on altcoins (28.8%) and stablecoins (36.6%).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-722.webp\" alt=\"2-722\" class=\"wp-image-226895\"\/><figcaption class=\"wp-element-caption\">Structure of digital asset portfolios among institutional and retail investors. Data: Bybit.<\/figcaption><\/figure>\n<p>The share of Bitcoin and Ethereum in institutional portfolios grew from 50% to 80%. DeFi tokens and stablecoins also showed positive dynamics.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-426.webp\" alt=\"3-426\" class=\"wp-image-226896\"\/><figcaption class=\"wp-element-caption\">Data: Bybit.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Limited Interest in Solana<\/strong><\/h2>\n<p>Despite Solana&#8217;s market-leading growth in the second half of 2023, interest in the asset from both large and retail clients remained minimal.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-271.webp\" alt=\"4-271\" class=\"wp-image-226897\"\/><figcaption class=\"wp-element-caption\">Data: Bybit.<\/figcaption><\/figure>\n<p>Analysts also noted a decline in the share of altcoins in the portfolios of all client categories in January.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-171.webp\" alt=\"5-171\" class=\"wp-image-226898\"\/><figcaption class=\"wp-element-caption\">Data: Bybit.<\/figcaption><\/figure>\n<p>Bybit presented its report just before the price of the second-largest cryptocurrency by market capitalization surpassed the psychological mark of $3000.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Ethereum Options Set Records<\/strong><\/h2>\n<p>According to <a href=\"https:\/\/www.theblock.co\/post\/279060\/ether-holds-above-3000-as-eth-futures-open-interest-hits-all-time-high-on-major-exchanges\">The Block<\/a>, open interest (OI) in Ethereum options on the top five largest exchanges, excluding the <span data-descr=\"Chicago Mercantile Exchange\" class=\"old_tooltip\">CME<\/span>, reached an <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-122.webp\" alt=\"6-122\" class=\"wp-image-226899\"\/><figcaption class=\"wp-element-caption\">Data: The Block.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\">Coinglass<\/a>, OI on Binance reached $3.77 billion, while on Bybit it was $2.15 billion.<\/p>\n<p>In a comment for the publication, YouHodler&#8217;s Head of Markets, Ruslan Lienha, explained the dynamics by the increased volatility of the asset, which attracts high-risk traders.<\/p>\n<p>He estimated that the average daily figure for the second-largest cryptocurrency by market capitalization reached 2%\u2014twice that of Bitcoin.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;As the momentum of the digital gold rally weakens and its price fluctuations decrease, active traders are shifting to Ethereum,&#8221;<\/em> he explained.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>ETFs as a Growth Factor<\/strong><\/h2>\n<p>The specialist also mentioned expectations for the Den\u0441un upgrade and ETF approval as additional drivers.<\/p>\n<p>Previously, FOX Business <a href=\"https:\/\/u1f987.com\/en\/news\/hester-peirce-advocates-for-spot-ethereum-etf-approval-without-court-ruling\">predicted<\/a> the registration of spot Ethereum ETFs by May.<\/p>\n<p>Seiffart <a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-predicts-possible-approval-timeline-for-ethereum-etf\">estimated<\/a> this probability at 60%, while his colleague Eric Balchunas was slightly more optimistic at <a href=\"https:\/\/u1f987.com\/en\/news\/morgan-creek-ceo-skeptical-of-imminent-approval-for-spot-ethereum-etfs\">70%<\/a>. Morgan Creek Capital CEO Mark Yusko was more pessimistic, suggesting a 50\/50 chance.<\/p>\n<p>Analysts from <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-dips-below-43000-amid-etf-criticism\">JPMorgan<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/analysts-doubt-imminent-approval-of-spot-ethereum-etfs\">TD Cowen<\/a> also expressed doubts about the imminent approval of such products.<\/p>\n<p>Earlier, specialists from Standard Chartered <a href=\"https:\/\/u1f987.com\/en\/news\/standard-chartered-predicts-sec-approval-of-spot-ethereum-etf-in-may\">suggested<\/a> that the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> would register spot Ethereum funds on May 23, with the cryptocurrency&#8217;s price reaching $4000 by then.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The share of Bitcoin and Ethereum in institutional portfolios increased from 50% to 80%. Open interest in options for the second-largest cryptocurrency by market capitalization reached a new all-time high. The growth is linked to increased volatility, expectations for the Dencun upgrade, and prospects for ETF approval. Ethereum has taken the largest share among cryptocurrencies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1151,569,46,1156,1145,1150,1138,1159],"class_list":["post-11078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bybit","tag-etf","tag-ethereum","tag-institutional-investors-and-whales","tag-market-analysis","tag-news-plus","tag-opinions","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11078"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11077"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}