Institutional investors are wary of altcoins and prefer holding Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
According to crypto exchange Bybit, Institutional Investors (INS) increased their Bitcoin holdings during the first three quarters of 2023.
In September alone, a staggering 50% of INS's asset portfolio was allocated to Bitcoin.
This shift aligns with the positive market sentiment towards Bitcoin, spurred by favorable lawsuit outcomes and the anticipation of the SEC's potential approval of a spot BTC ETF. It also sharply contrasts with the asset allocation strategies of other traders, particularly retail investors.