As the crypto market moves through cycles of highs and lows, investors are staying consistent with one thing — their trust in Bitcoin and Ethereum. According to recent trading data from portfolio management platform Finestel, these two core cryptocurrencies remain the backbone of most portfolios, while stablecoin holdings jump or fall based on market mood.
The report, which tracked how professional crypto managers trade across platforms like Binance, Bybit, KuCoin, OKX, and Gate.io, found that Bitcoin (BTC) and Ethereum (ETH) typically make up around 50% of portfolio allocations, regardless of market conditions. When prices rise, traders show more risk appetite by increasing exposure to other coins. But when markets dip or become uncertain, they turn to stablecoins like Tether (USDT) and USD Coin (USDC) for safety.
For example, in January, as Bitcoin surged close to \$73,000 and Ethereum jumped following the Pectra upgrade, BTC and ETH made up 57% of portfolio holdings. Riskier assets like Solana (SOL), Avalanche (AVAX), and other layer-1 tokens also gained traction, reaching 21% in total. At the same time, stablecoin allocations fell to just 14%, showing that traders were confident and willing to chase gains.
By February, things shifted. Bitcoin and Ethereum dropped to 47%, while stablecoins surged to nearly 30%, signaling a more cautious or “risk-off” mood. Exposure to DeFi assets also dipped slightly, and managers seemed to be holding cash in stablecoins to wait out the storm.
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In months like March and June, when markets moved sideways, portfolios balanced out. BTC and ETH hovered at around 50%, stablecoins near 24%, and other tokens — including layer-1s and DeFi — shared the rest. This mix suggests traders were slowly re-entering yield-generating strategies but remained cautious about the market direction.
April brought a small return of risk appetite. As crypto prices hinted at new highs, Bitcoin and Ethereum climbed to 52%, DeFi rose to 6%, and layer-1 tokens reached 23%. Stablecoin levels dropped to 19%, indicating more interest in growth plays and income opportunities.
By June, after a minor sell-off, the portfolio structure looked a lot like it did in March. This sign of returning to a defensive stance shows that many managers are still careful after the earlier rally.
The report highlights three consistent themes seen across these market shifts:
- Bitcoin and Ethereum as Core Assets
These two coins continue to anchor around half of all crypto portfolios, acting as a stable base in both bullish and bearish times. - Stablecoins as a Safety Net
Allocations to stablecoins like USDT and USDC rise and fall based on market risk. They give traders liquidity and a way to protect capital during downturns. - Tactical Growth in DeFi and Layer-1s
Exposure to DeFi and other smart contract platforms increases during bullish phases but is reduced when traders expect volatility.
It’s important to note that the report doesn’t reveal individual firm strategies or performance goals. So, while this data provides insights, it isn’t a blueprint for retail investors.
Supporting this trend, Bybit’s recent data also shows that Bitcoin’s share in user wallets is rising. In fact, BTC now makes up nearly 31% of all holdings, up from 25% just a few months ago. This confirms that Bitcoin remains the top choice for both institutional and retail investors — a digital safe haven in uncertain times.
Interestingly, XRP has moved into the third spot among non-stablecoins, overtaking Solana, which has seen its share drop by about a third since last fall. Institutions now hold nearly 40% of their crypto in Bitcoin, compared to around 12% for regular investors, highlighting BTC’s growing role as a hedge and store of value.
In short, the crypto market may be unpredictable, but Bitcoin and Ethereum continue to lead the way — steady, reliable, and trusted by both everyday traders and the big players.
