While the S&P 500 has climbed to historic heights above 7,000 this month, Bitcoin (BTC) has struggled to regain the record-breaking energy that pushed it past $122,000 in October 2025.
A new survey of 3,400 global consumers by Deutsche Bank suggests that while more people are entering the market, very few believe a new price mania is on the horizon for 2026.
Data from the report shows that cryptocurrency adoption in the United States is making a comeback. In March, U.S. participation rose to 12%, a significant jump from the February low of 7%. This return to double-digit participation matches levels last seen in July 2025.
A major driver behind this shift is the resurgence of Bitcoin exchange-traded funds (ETFs). In March alone, these funds attracted roughly $1.3 billion in net inflows, the data showed.
Analysts Marion Laboure and Camilla Siazon noted that after a steady decline throughout late 2025, U.S. adoption rates finally began to stabilize and recover last month.
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Despite the increase in the number of people owning digital assets, the outlook on future prices remains subdued. The world’s largest cryptocurrency currently trades near $77,000, but the majority of those surveyed expect it to end 2026 at a much lower value.
In the U.S., 19% of respondents believe the price will settle between $20,000 and $60,000 by the end of next year. Even more striking, 13% anticipate a drop below the $20,000 mark.
Only a tiny fraction of investors, roughly 3% in the U.S., expect Bitcoin to return to its previous all-time high of $120,000. The Deutsche Bank team observed that very few people currently anticipate a return to record-breaking levels.
The primary reason Bitcoin is not following the S&P 500 to new records appears to be a shift in how investors view risk.
While strong corporate earnings have boosted the stock market, Bitcoin is behaving more like a high-risk asset than a safe haven.
Investors seem to be moving capital back into proven technology stocks like Nvidia as fears regarding global conflicts begin to cool.
Even with these concerns, Bitcoin remains the centerpiece of the industry. Approximately 70% of crypto investors hold Bitcoin, which is much higher than the ownership of stablecoins like USDT or USDC.
