The bitcoin held by institutional traders (INS) in their respective crypto portfolios saw an “almost twofold” increase in the initial three quarters of 2023. Institutional traders’ BTC allocation shifted from under 40% in January to nearly 50% by the end of September.
The Spot Bitcoin ETF Factor
According to a study conducted by the crypto platform Bybit, the bitcoin held by INS saw an “almost twofold increase in their Bitcoin holding percentage” during the initial three quarters of 2023. The study report suggests that the accumulation trends by these traders depict a pattern which is distinct from that of VIP and retail traders.
For context, the BTC holding percentages for the VIP and retail traders at the start of 2023 and the end of Q3 are almost identical. Even after the June BTC price rally, which saw the crypto asset surge past the $30,000 mark for the first time in 2023, these traders did not change their holding levels.
The study data meanwhile shows that institutiona
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