Institutional traders are bullish on bitcoin, mixed on ether and skeptical of altcoins, a new report from Bybit Research shows.
The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. All right, let's take a look at the chart of the day. Institutional traders are bullish on Bitcoin mixed on Ether and skeptical of alt coins. That's according to new research from buy bit research. During the first three quarters of 2023 institutional traders nearly doubled their holdings of Bitcoin as of September, half their assets were denominated in the largest Cryptocurrency driven by a positive market sentiment and anticipation of the SD approving a spot. Bitcoin ETF in the United States, their stance contrasts with the lower Bitcoin holdings of retail traders possibly due to their higher leverage levels by its research shows institutional traders and Wales or large holders of Bitcoin were skeptical about alt coins. The report says with the data showing a general decline in alt coin holdings among traders despite a brief rise in May. Meanwhile, Ether holdings have also declined since the Ethereum Blockchain Chappelle upgrade except for a surge among institutional traders in September amid a positive crypto outlook. As ETF us excited markets, Bitcoin is up about 100 and 40% year to date while Ether has risen almost 90%. That's it for today's chart of the day. I'm Jen Sani. We will see you next time to unpack more of the data behind top news stories.