bitcoin (btc) and ethereum (eth) prices have fallen by around 10% and 25% since August, reaching their lowest levels in the past six months. As a result, cryptocurrency investor sentiment seemed to be faltering and heading towards a negative market outlook.
However, a recent report revealed that most holders remain bullish on major cryptocurrencies despite recent market shakeups. Similarly, investors’ holdings of digital assets remain stable, and the sale of digital assets has slowed down over the past six months.
Investors are bullish on btc and eth
On Tuesday, the global exchange market Gemini crypto-2024″ target=”_blank” rel=”noopener nofollow”>shared The 2024 Global State of Cryptocurrency Report reveals that investors remain bullish on bitcoin and ethereum. The report is based on responses from 6,000 adults surveyed in the United States, the United Kingdom, France, Singapore, and Turkey.
According to the data, sentiment towards cryptocurrencies is positive among current and former owners, with 57% of investors surveyed saying they are comfortable including digital assets in their investment portfolio.
Investor's confidence about digital assets. Source: Gemini
27% of former owners, more than one in four, answered positively to the same question, indicating the possibility of re-entering the market. Meanwhile, 62.5% of investors are confident that the price of btc and eth will continue to rise in the next five years.
Similarly, 55% of owners feel there are more reasons to be optimistic about the future of the market than before the crypto winter of 2022.
Most investors surveyed also responded positively about cryptocurrency adoption: 60.2% believe that many businesses will accept btc, eth and stablecoins as payment methods in the next decade.
Cryptocurrency holdings maintain 2022 levels
Over the past two years, cryptocurrency ownership numbers have remained constant in the US, UK and France. However, the percentage of previous owners has increased over the year, suggesting that ownership numbers were higher before the market downturn.
Compared to 2022 data, ownership levels remain the same in the US and UK, while the number of investors exiting the market increased. According to the report, the US had a 5% rate of previous owners, while the UK had a rate of 8% two years ago. In 2024, these figures have increased to 14%.
Both countries also reduced their percentage of non-owners from 75% and 74% to 65% and 68% respectively. However, the survey found that a lack of regulatory clarity is a drawback for non-owners. 38% of respondents in the US and UK cited regulatory concerns as a barrier to market entry.
Digital Asset ownership remains steady in most surveyed countries. Source: Gemini
Singapore has seen a decline in its ownership rate, which has dropped from 30% in 2022 to 26% this year. The report reveals that 75% of previous investors left the market more than six months ago. Meanwhile, selling activity has slowed significantly in recent months despite the rise in former cryptocurrency owners.
Similarly, the percentage of current owners who sold their cryptocurrencies during this period is considerably lower than that of investors who sold more than a year ago, indicating that investors are holding on to their assets through market rallies and shocks.
According to the report, former cryptocurrency owners are likely to return. More than 70% of former owners surveyed said they are “likely to buy cryptocurrencies in the next year” despite having left the market during the downturn. Former investors “are bullish on digital assets, indicating they will be ready to buy again.”
<img loading="lazy" decoding="async" class="wp-image-320797 size-large aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/09/1725999216_124_55-of-crypto-investors-are-bullish-on-BTC-and-ETH.png" alt="Cryptocurrency, btc, BTCUSDT, bitcoin” width=”980″ height=”524″ srcset=”https://bitcoinist.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-10_07-31-47.png?w=1102 1102w, https://bitcoinist.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-10_07-31-47.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-10_07-31-47.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/09/1725999216_124_55-of-crypto-investors-are-bullish-on-BTC-and-ETH.png 980w, https://bitcoinist.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-10_07-31-47.png?w=750 750w” sizes=”(max-width: 980px) 100vw, 980px” data-recalc-dims=”1″/>
bitcoin is trading at $57,120 in the three-day chart. Source: BTCUSDT on x/f7aI9d3O/" target="_blank" rel="noopener nofollow">TradingView
Featured image from Unsplash.com, chart from TradingView.com