Institutional traders highly value the prospects of Bitcoin (BTC) and Ethereum (ETH) and are quite skeptical about other altcoins, according to the latest report by Bybit Research.

During the first three quarters of 2023, institutional traders doubled their Bitcoin (BTC) holdings. As of the September data, more than half of the acquired assets were in BTC, indicating positive sentiments among market participants. They are hopeful that the Securities and Exchange Commission (SEC) will approve the first Bitcoin Exchange-Traded Fund (ETF) in the United States.

The report also notes that institutional traders and large cryptocurrency holders demonstrated a skeptical attitude towards alternative cryptocurrencies and acquired them in limited quantities. Official researcher data indicate an overall decrease in altcoin holdings among traders, despite a short-term growth in May.

According to the information, similar indicators for Ethereum (ETH) also decreased after the Ethereum Shapella blockchain upgrade. However, experts have noted an increase in interest from institutional traders in September of this year, which is related to optimistic prospects in the global market and news about the possible launch of a ETF.

As of December 4th, the price of Bitcoin (BTC) was $41,690, and the market capitalization of this cryptocurrency was $815.46 billion. The daily trading volume amounted to $26.66 billion. As for Ethereum (ETH), its market price was $2,260, with a total circulating coin supply estimated at $271.75 billion.