As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends. The recent dip in Bitcoin (BTC) and Ethereum (ETH) prices has undoubtedly stirred a sense of uncertainty among investors, given the prolonged crypto winter we experienced just a few years ago. However, upon closer examination of the latest data, it appears that the crypto community is more resilient than ever before.
Over the past few months, the value of Bitcoin (BTC) and Ethereum (ETH) has decreased by approximately 10% and 25%, respectively, marking their lowest points in the last half year. This downturn seems to have caused unease among crypto investors, with many starting to express pessimistic views about the market’s future direction.
As an analyst, I’ve observed an interesting trend recently: Despite the turbulent market swings, the majority of crypto owners continue to express a bullish outlook towards the leading cryptocurrencies. This optimism seems to be reflected in the investment community as well, with a steady hold on digital assets. In fact, over the past six months, the pace of asset selling appears to have slowed noticeably.
Investors Are Bullish On BTC and ETH
On Tuesday, international trading platform Gemini published its 2024 Worldwide Crypto Survey Outcome, disclosing that investors continue to be optimistic about Bitcoin and Ethereum. The data in this report comes from the feedback of approximately 6,000 adults who were polled in the United States, United Kingdom, France, Singapore, and Turkey.
Based on research findings, it appears that crypto sentiment is predominantly favorable among both current and previous owners, as approximately 57% of polled investors expressed a willingness to incorporate digital assets in their financial portfolios.
1) Approximately a quarter (27%) of previous owners have shown interest in returning to the market, indicating potential future involvement. Additionally, nearly two-thirds (62.5%) of investors are optimistic that the value of Bitcoin (BTC) and Ethereum (ETH) will increase significantly over the next five years.
Approximately 55% of the market owners feel that they have more reasons to be optimistic about the market’s future compared to before the crypto winter in 2022.
A significant number of those surveyed among investors expressed optimism towards the adoption of cryptocurrencies, with approximately 60.2% predicting that numerous businesses may start accepting Bitcoin (BTC), Ethereum (ETH), and stablecoins as forms of payment in the coming ten years.
Crypto Ownership Maintains Its 2022 Levels
Over the past two years, the number of cryptocurrency owners has stayed relatively steady in the U.S., the U.K., and France. Yet, the proportion of previous owners has been on an upward trend all year, implying a potentially larger pool of owners before the market experienced a decline.
In contrast to the data from 2022, ownership rates in both the U.S. and the U.K. remain unchanged as of 2024. However, a significant rise has been observed in the number of investors choosing to leave the market since then. Specifically, the report indicates that in 2022, 5% of previous owners were found in the U.S., and 8% in the UK. By 2024, these figures have jumped up to 14% in both countries.
In simpler terms, both nations decreased their controlling stake from 75% and 74% to 65% and 68%. Yet, the survey indicated that unclear regulations pose a challenge for non-owners. Specifically, 38% of those surveyed in the US and UK expressed concerns about regulatory issues as an obstacle to entering this market.
In 2022, Singapore’s ownership rate stood at 30%, but it dropped to 26% this year. The report disclosed that about 75% of previous investors withdrew from the market over half a year ago. Contrastingly, despite a surge in past cryptocurrency owners, selling activity has noticeably slowed down in the recent months.
In a similar fashion, it’s noticeable that fewer current crypto holders have sold their assets during this timeframe compared to those who sold more than a year ago. This suggests that investors are keeping their investments steady through the market’s uptrend and periods of volatility.
Based on the findings from the report, it’s expected that previous crypto investors may re-enter the market. More than 70% of those surveyed who were past owners expressed a strong intention to purchase cryptocurrencies within the next year, even though they exited during the market slump. This suggests that these earlier investors are optimistic about digital assets and might be prepared to invest again soon.
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2024-09-10 23:12