The central bank identifies a surprising trend for American crypto investors
While the S&P 500 soared to historic highs of more than 7,000 this month, Bitcoin (BTC) struggled to find the strength to break a record that pushed it to $122,000 in October 2025.
A new survey of 3,400 global consumers conducted by Deutsche Bank suggests that while many people are entering the market, very few believe that a new mania is around the corner in 2026.
Data from the report shows that cryptocurrency adoption in the United States is making a comeback. In March, US participation rose to 12%, a significant jump from February’s low of 7%. This returns to double-digit participation levels last seen in July 2025.
A major driver of this change is the resurgence of Bitcoin exchange-traded funds (ETFs). In March alone, these funds attracted an estimated $1.3 billion in inflows, the data showed.
Analysts Marion Laboure and Camilla Siazon noted that after a gradual decline towards the end of 2025, adoption rates in the US finally began to stabilize and recovered last month.
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Despite the increase in the number of people with digital assets, the outlook for future prices remains dim. The world’s largest cryptocurrency is currently trading near $77,000, but most of those surveyed expect it to end in 2026 at a much lower price.
In the US, 19% of respondents believe that the price will pay between $20,000 and $60,000 by the end of next year. Even more impressive, 13% expect a drop of less than $20,000.
Only a small fraction of investors, about 3% in the US, expect Bitcoin to return to its previous high of $120,000. The Deutsche Bank team noted that very few people currently expect a return to record-breaking levels.
The main reason Bitcoin is not trailing the S&P 500 to new records appears to be a change in the way investors view risk.
While strong corporate earnings have boosted the stock market, Bitcoin behaves more like a risky asset than a safe haven.
Investors appear to be putting more money back into proven technology stocks like Nvidia as fears about global conflicts begin to cool.
Even with these concerns, Bitcoin remains the industry leader. About 70% of crypto investors own Bitcoin, which is much higher than the ownership of stablecoins like USDT or USDC.
In addition, 69% of US respondents still name it as their top choice for future investments.
The report highlights that while crypto ownership remains skewed toward men and high-income households, there is a gradual increase among women and low-income investors.
Notably, young consumers in the UK represent the fastest growing group of young participants.
However, traditional assets like gold and the S&P 500 are still competing fiercely for attention, as US investors remain evenly split on which assets they prefer for long-term growth.
Related: Massive crypto fraud causes panic withdrawal of $9 billion
This story was originally published by TheStreet on April 20, 2026, where it appeared first in the MARKETS category. Add TheStreet as a favorite source by clicking here.
