Bybit Research sheds light on increasing institutional bullishness towards Ether, largely fueled by anticipation surrounding the upcoming Dencun upgrade on the Ethereum blockchain.
Scheduled for March 13, Dencun will introduce various Ethereum Improvement Proposals (EIPs), including proto-danksharding aimed at reducing Layer-2 transaction costs. Despite not matching the impact of the Merge, successful implementation is expected to positively affect ETH and other Layer 2 tokens.
Optimism towards Ether surged from September 2023, intensifying in January 2024, constituting approximately 40% of institutional portfolios. The expectation of SEC approval for a Spot Ether ETF by the end of 2024 adds to this positive sentiment. Meanwhile, institutions began reducing Bitcoin holdings in early December 2023, with an ongoing decline, indicating a potential strategic reallocation.
With the Bitcoin halving approaching in April 2024, Bybit suggests caution in adopting a negative stance towards the crypto asset, as historically, halving events are viewed favorably.
Asset allocation breakdown reveals institutions allocating 40% each to Bitcoin and Ether, with retail users showing a preference for altcoins and maintaining higher stablecoin percentages.
Source: Bybit
Retail users exhibit stronger confidence in Bitcoin compared to Ether, as reflected in their investment patterns during the research period.
Retail users maintain larger positions in altcoins, albeit with a cautious sentiment, while institutions have significantly reduced their altcoin exposure, particularly in highly volatile categories.
Bybit's research underscores a notable shift in institutional sentiment towards Ether, driven by expectations surrounding the Dencun upgrade. While retail investors maintain confidence in Bitcoin, institutional interest in Ether continues to grow, signaling a potential shift in market dynamics.
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