Institutional traders are increasing their Bitcoin allocation in their portfolios ahead of SEC approval of ETF, Bybit Research shows.

- Institutional traders' Bitcoin [BTC] allocation has doubled in the first three quarters of 2023.

- Traders and large Bitcoin holders are skeptical of altcoins, while their allocation is declining.

- Ethereum [ETH] allocations are declining following the Ethereum blockchain upgrade, with the exception of a gain among institutions in September.

- K33 Research recommends switching back to Bitcoin due to weak Ethereum growth and fading interest in ETH futures ETFs.