Investor Confidence in Bitcoin Grows Amid Altcoin Uncertainty: Bybit Findings

USA - English

• APAC - English
• India - English

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

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.

For more details about Bybit, please visit Bybit Press.

For media inquiries, please contact: [email protected]

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit's Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

SOURCE Bybit