[NEW] 78% of institutional investors "not interested in cryptocurrencies" - JP Morgan survey

US financial giant JP Morgan released the 2024 version of "The e-Trading Edit," a survey of more than 4,000 institutional traders. The survey found that 78% of institutional investors said they were "not interested in crypto assets (virtual currencies)."

According to the survey results, the number of companies looking to include crypto assets in their trading targets is increasing, but many of them have no intention of disclosing their holdings. The percentage of traders who do not want to trade crypto assets also seems to be increasing from 2023.

Currently, 9% of traders are already trading crypto assets or digital assets, up 1% from 8% last year. In addition, only 12% of traders said they plan to trade these assets within the next five years.

In addition, when institutional investors who are not currently trading crypto assets were asked, "What outstanding technology do you think will affect crypto asset trading in the next three years?", 61% chose AI. Meanwhile, blockchain was 7%.

Some have pointed out that factors that hinder investors from entering the market include the lack of clear regulations in the United States and the high uncertainty surrounding crypto assets. The bankruptcies of companies such as FTX and Terraform Labs are still fresh in people's minds, and are thought to be a major barrier to entry.

In addition, there have been many hacking incidents of crypto assets, with $2.61 billion (approximately 391.3 billion yen) stolen last year alone. Regulators have pointed out that the crypto asset market is a hotbed of criminal activity, and U.S. Senator Elizabeth Warren and others have expressed a negative stance on crypto assets.

Will 2024 be the year of Bitcoin?

Many crypto asset investors have believed that it is only a matter of time before the all-time high is broken, as the approval of a Bitcoin spot ETF will bring in a large amount of institutional investor funds. However, this survey has raised the possibility that institutional investors may not necessarily be proactive.

Meanwhile, according to a report by cryptocurrency analysis company HODL15Capital, as of the 9th, the total value of nine Bitcoin spot ETFs, excluding the Bitcoin Spot ETF (GBTC) offered by Grayscale, reached 216,309 BTC. This is more than MicroStrategy, the single company that holds the most Bitcoin.

Reference: Announcement
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