bitcoin

Cryptocurrency Ownership Rates Decline Despite Market Recovery

The Big Whale

— 1 min read
  • US Federal Reserve research shows that the rate of cryptocurrency ownership has not increased despite the recent growth in the crypto market.
  • The Consumer Finance Institute found that crypto ownership decreased during the 2022 bear market and did not increase significantly during the market recovery.
  • Interest in future crypto purchases declined during the bear market but increased as the market recovered.
  • The Fed surveys collected data from 5,000 respondents and found that ownership rates have been declining since January 2022.
  • US spot Bitcoin and Ethereum ETFs have hit new multi-month lows, with Bitcoin ETFs experiencing outflows for eight consecutive trading days.
  • WisdomTree has requested to withdraw its Ethereum Trust S-1 filing, while VanEck is closing its Ethereum futures ETF due to insufficient demand.

Summary :
The rate of cryptocurrency ownership has not increased alongside the recent growth in the crypto market, according to research from the United States Federal Reserve. The study found that ownership rates actually decreased during the bear market in 2022 and did not significantly increase during the market recovery. The research also noted that interest in future crypto purchases declined during the bear market but increased as the market recovered. The Federal Reserve collected data through surveys and found that ownership rates were at 15.4% in January 2024. In other news, U.S. spot Bitcoin ETFs have seen significant outflows for the seventh consecutive day, with over $1 billion in net outflows. Ethereum's price has also hit its lowest point in 2024, falling by 8% over a 24-hour period. The total market cap of the entire crypto market has fallen below $2 trillion for the first time since February. VanEck has announced the closure of its Ethereum futures ETF due to insufficient demand, while WisdomTree has requested to withdraw its Ethereum Trust filing with the SEC.

Sources :

- CoinTelegraph
- TheBlock
- Decrypt
- Decrypt
- CoinTelegraph
- Decrypt
- CoinTelegraph
- Decrypt
- Decrypt
- TheBlock


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