Which cryptocurrencies do large institutional investors buy the most?

A new report from Bybit Research shows that institutional traders are bullish on Bitcoin and Ethereum, but skeptical about the future of altcoins.
Institutional traders have reportedly nearly doubled their Bitcoin holdings during the first three quarters of 2023. By September, most of their holdings consisted of bitcoin, driven by positive sentiment surrounding the possible approval of a spot bitcoin exchange-traded fund (ETF) in the US.

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The report also states that institutional traders and Bitcoin whales are skeptical of altcoins, and their holdings of altcoins are down overall despite a small increase in May. The decline was more pronounced in August, particularly among institutions, indicating a cautious stance toward these more volatile assets.
The data shows that Ethereum holdings of this group of investors have declined since Shapella promoted the Ethereum blockchain – except for a sharp increase in September, due to ETF-related news that excited market participants.
Earlier in October, K33 Research wrote in its report that it is changing its stance on asset allocation and advised users to return to the Bitcoin market due to Ethereum's long-term decline against Bitcoin since July 2022.