Institutional investors cut memecoin holdings by half in May - report
and Base, have become a top agenda item for crypto investors in 2024. Despite the market's recent range-bound state, which some analysts dubbed “chopsolidation,” top tokens likeTo provide insights into this trend, Bybit has delved into its private data, revealing how retail and institutional investors engaged with the memecoin market from January 1 to May 1, 2024.
Institutional memecoin holdings jumped 226% to $204 million in March and further to $293.7 million in April before being halved to $139 million as market sentiment soured. This indicates a 125% increase from the start of the year, reflecting expectations for a return to extreme risk-taking. From January to April, retail investors on Bybit increased their holdings of Bitcoin, Ether, and memecoins amid a belief in a new bull run to come. Their stablecoin balances increased from $2.2 billion to $2.9 billion by May due to external fund allocations.
Retail investors sold their positions concurrently with institutional investors, the report notes, with all crypto positions decreasing by May 1, including stablecoins.Bybit further details that retail traders were less interested in trading memecoin perpetual contracts than other products, with $72 billion in trading volume, much lower than BTC, Ether, and altcoin trading volumes. Out of a total trading volume of $1.2 trillion for the period, their memecoin trading volume represented just 5.8%.
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