Bybit Report: Meme coins are becoming an important part of the crypto portfolios of retail and institutional investors

Cryptocurrency exchange Bybit said in a recent report that institutional and retail investors are increasingly interested in Meme coins. The report, which covers data from January 1 to May 1, shows that Meme coins are increasingly becoming an important part of crypto portfolios. Bybit said: "As the Meme coin trend peaked in late March, institutional investors were keen to join the trend. In fact, from February to March, we saw a significant increase in institutional Meme coin allocations, with spot positions increasing by 226% to $204 million. In April of this year, their holdings increased further to $293.7 million." However, the report also pointed out that as market sentiment deteriorated, institutional investors then "sold half of their Meme coins in a big way, and at the end of this period, their allocations were $139 million, 125% higher than at the beginning of the year." For retail investors, the report stated: "As the Meme coin craze peaked in early April, retail holdings increased sharply, increasing by 478% from February to April. But then they began to sell their positions, reducing their positions from $567 million to $371 million." (Bitcoin.com)