U.S. crypto adoption is rebounding, bitcoin still dominates, Deutsche Bank says
Retail participation in the U.S. has bounced back to mid-2025 levels even as most consumers expect lower bitcoin prices ahead, the bank said.
By Will Canny, AI Boost|Edited by Nikhilesh De Apr 20, 2026, 3:12 p.m. Make preferred on
What to know:
- U.S. crypto adoption has rebounded sharply, reversing months of decline, according to Deutsche Bank.
- Bitcoin remains the dominant crypto holding and preferred investment despite competition from traditional assets.
- Most consumers expect bitcoin prices to fall or stagnate, with few predicting a return to prior highs, the report said.
Crypto adoption in the U.S. has staged a comeback, even as sentiment around prices remains cautious, according to German lender Deutsche Bank (DB).
In a new retail survey spanning 3,400 consumers across the U.S., U.K. and EU, the bank said U.S. participation rebounded to 12% in March from a February low of 7%, returning to levels last seen in July 2025. The report's data suggested adoption has not topped 14% in the survey's history, dating back to 2023.
Bitcoin exchange-traded funds (ETFs) saw a resurgence in March, attracting roughly $1.3 billion in net inflows, the report said, signaling renewed institutional demand after a weak start to the year.
"After steadily declining since July 2025, U.S. crypto adoption rates recovered in March," wrote analysts Marion Laboure and Camilla Siazon in the Monday report.
Crypto prices have shown signs of stabilization after a volatile start to 2026, with last month marking a tentative rebound driven by renewed institutional demand and geopolitical tailwinds.
Bitcoin rose roughly 9% in March, recovering toward the $70,000 level after earlier declines, though it remains down more than 20% year-to-date and well below its late-2025 peak above $120,000. More recently, prices have pushed higher into the mid-$70,000s, briefly topping $77,000 amid easing geopolitical tensions and improving risk sentiment.
The recovery has been uneven. Prices have repeatedly tested resistance around the mid-$70,000 range, with analysts pointing to that level as a key breakout threshold for further upside. At the same time, macro pressures, including higher-for-longer interest rates and energy-driven inflation, continue to weigh on crypto alongside broader risk assets
Elsewhere, trends were more muted. U.K. adoption dipped slightly to 9% but remains structurally higher over the long term, the analysts said, while Europe held steady at 7%.
Despite the rebound in participation, consumer sentiment on bitcoin’s price outlook is subdued.
A majority of respondents across regions expect bitcoin to trade lower than current levels near $75,000 by the end of 2026. In the U.S., 19% see prices landing between $20,000 and $60,000, while 13% expect a drop below $20,000, a level last seen in early 2023. Only a small minority, around 3% in the U.S., anticipate a return to record highs near $120,000.
The world's largest cryptocurrency was trading around $75,000 at publication time.
Still, bitcoin remains firmly at the center of the crypto market. Roughly 70% of crypto investors across regions hold bitcoin, far exceeding ownership of stablecoins such as USDT or USDC, the report said. It is also the top choice for future investment, cited by 69% of U.S. respondents.
Traditional assets continue to compete for investor attention. Gold and the S&P 500 remain favored overall, though the gap has narrowed in the U.S., where preferences are more evenly split across the three.
Demographically, crypto adoption remains skewed toward men and higher-income households, though the report noted gradual gains among women and lower-income investors. Younger consumers, particularly in the UK, showed the fastest growth in participation.
Read more: Bitcoin may be forming a base at $65,000 as 'paper hands' have been flushed out
Institutional AdoptionBitcoin NewsDeutsche BankAI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.More For You
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