Last updated on June 30th, 2024 at 05:18 am
In a new report, Bybit highlighted a shift in customer investment patterns as more people favoured Bitcoin over stablecoins and other cryptocurrencies.
According to the crypto exchange’s Second Quarter Asset Allocation report, which covers December to May 2024, Bitcoin was the preferred single asset possessed by its customers, accounting for 26% of customers’ assets as of May 2024.
The data shows a decreasing trend in stablecoin holdings, dropping from 50.2% in December 2023 to 42.8% in May 2024. In contrast, 61% of customers’ cryptocurrency investments were in Bitcoin (BTC) and Ethereum (ETH), indicating a clear preference for these assets.
The report further showed that institutional positions in Bitcoin and Ethereum have become more focused compared to the positions of retail traders and investors, accounting for 39.4% and 20.9%, respectively, during the same period.
The report also claimed that retail traders, much like institutional investors, continued favouring Bitcoin over Ethereum and most other crypto assets despite the renewed positivity for spot Ethereum ETFs.
Eugene Cheung, the firm’s Head of Institutions, commented on the report, noting that Bybit is committed to offering deep liquidity, enabling asset safety, and providing a capital-efficient account structure that sets it apart from others. He also noted that the company is dedicated to offering top-quality support and service, empowering institutional investors to succeed in the ever-changing digital asset era.
Bybit is a leading centralized cryptocurrency exchange with a significant trading volume and more than 30 million customers. Notably, the exchange has been actively working to expand its operations. In February, it was reported that Bybit applied for a Virtual Asset Trading Operator (VATP) license with Hong Kong’s Securities and Exchange Commission (HSC). The exchange submitted the application through a domestic corporate entity called Spark Fintech Limited on January 31, 2024.
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