Institutions Double Down on Bitcoin As Altcoin Holdings Decline, While Ether Lags Despite Upgrades
• Institutional traders doubled their bitcoin holdings in the first 3 quarters of 2023, with half their assets now in BTC, driven by positive sentiment and anticipation of a spot BTC ETF approval.
• Institutions and whales were skeptical about altcoins, with data showing a general decline in altcoin holdings despite a brief rise in May.
• Ether holdings have declined since the Shapella upgrade, except for a September surge among institutions amid positive ETF news exciting markets.
• Bitcoin is up 140% year-to-date, while Ether has risen 87%.
• K33 Research advised pivoting back to bitcoin from Ether in October due to ETH's underperformance against BTC since July 2022 and muted response to new ETH ETFs.