DUBAI, UAE, Sept. 16, 2024 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, today released its Q3 2024 Asset Allocation Report, revealing a continued rise in Bitcoin dominance and a cautious approach towards altcoins.
Bitcoin (BTC) reigns supreme: BTC remains the top asset for Bybit users, surging to 27.5% of total holdings (up from 25.7% in April). This increase coincides with the Bitcoin halving in April, which fueled institutional interest.
Ether (ETH) treads water: While still significant (8.97% of holdings), ETH exhibits limited growth despite anticipated boosts from Spot ETFs. Disappointing ETF performance suggests a need for further market maturation.
Solana (SOL) emerges as a strong contender: SOL rapidly climbed the ranks, becoming the third-largest holding. Retail investors led the charge, with SOL positions increasing 33.3% in July, likely driven by DeFi expansion and hype on Spot ETF approvals in July.
Altcoins face headwinds: The report highlights a significant decline in altcoin allocations, hitting a six-month low. Heightened volatility and investor risk aversion favor established assets like BTC and SOL.
"This quarter's report showcases a clear shift in investor sentiment," said Chris Aruliah, Head of Institution. "The rise of Bitcoin strengthens its position as the digital gold, while cautious optimism surrounds Solana's potential . However, the decline in altcoin holdings underscores investors' concerns regarding market volatility."
Access the full report here: https://learn.bybit.com/crypto-insights/asset-allocation-q3-2024/
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.
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Originally published at https://www.prnewswire.com/news-releases/investor-confidence-in-bitcoin-grows-amid-altcoin-uncertainty-bybit-findings-302249093.html Images courtesy of https://pixabay.com
