Institutions have increased their portfolio concentration in bitcoin and ether to 80%, with a significant bet on ether due to the anticipated Dencun upgrade, according to Bybit’s report, which surveyed traders with assets in the exchange. Meanwhile, retail users have a lower concentration in these assets and a higher tilt towards altcoins, the report added.

Ether, which is now trading above $3,100, has outperformed bitcoin with a 33% rally year-to-date, driven by factors such as its deflationary supply since the shift to proof-of-stake, low levels of ETH held on exchanges, and increased staking activity.