Analysts at Bybit Research conducted a study of the cryptocurrency market sentiment and concluded that in 2022-2023, Bitcoin (BTC) became the main focus for institutional investors. Bitcoin is considered the safest instrument in the world of cryptocurrencies, excluding stablecoins tied to fiat currencies.

It is likely that Bitcoin will continue to remain the most attractive digital asset. Institutional investors are increasingly confident in this, especially considering that in January, crypto ETFs investing in Bitcoin might appear on the American market, as the analysts believe.

On the other hand, interest in Ethereum (ETH) is decreasing. Bybit Research notes that this alternative cryptocurrency asset has become less attractive to hedge funds after the network's April update, known as Shapella. As a result of this update, the proportion of investors holding Ethereum has decreased.

Interestingly, only in September 2023 was there an increase in institutional investments in ETH. However, this could indicate that investors began exploring opportunities in alternative cryptocurrencies with large and medium market capitalizations, which have recently demonstrated aggressive growth, alongside Bitcoin.