Cryptocurrency exchange ByBit launched its fourth quarter report on December 4, highlighting and comparing trends among its institutional and retail investors.
The report found that institutional traders held around 45% of their assets in stablecoins, with the rest split between 35% in bitcoin (btc), 15% in Ether (eth) and just 5% in altcoins, which the exchange classifies as more than just the aforementioned digital assets.
The survey suggests that the “flight” to “safer assets,” such as stablecoins, in a bear market “could explain this risk-averse asset allocation by traders.”
However, allocation of bitcoin (btc) by institutional traders increased in September, which differed from the holding patterns of other types of users.
According to ByBit, the alignment of an increase in institutional (btc) holdings with the prevailing positive market attitude towards bitcoin may correlate with “favorable lawsuit outcomes, encouraging anticipation of the possible SEC approval of a bitcoin ETF. btc spot.”
On December 4, (btc) surpassed $41,000 for the first time in 19 months, and the overall market capitalization for the digital asset surpassed $800 billion, surpassing real estate company Berkshire Hathaway and now behind companies like Meta (formerly Facebook) and NVIDIA.
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ByBit also noted that its retail traders had the lowest holdings, by percentage, of bitcoin compared to its other types of users. Comparatively, its retail traders held more stablecoins, and although stablecoins still accounted for a large portion of institutional portfolios, their holdings began to decline.
Earlier this year, the exchange said its user base reached 20 million, and last year it was classified among the world's top ten cryptocurrency exchanges by volume.
As (btc) prices continue to rise, interest from major institutions appears to be increasing. On December 4, Brazil's largest bank, Itaú Unibanco, launched a (btc) trading service for its clients connected to its investment platform.
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