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At the end of the week, interesting reports were received on the activity of institutional investors in the cryptocurrency market. In addition, there is good data on the growth in adoption of digital assets. This, in turn, confirms the long-term bullish outlook for the market.
Let's consider everything in order.
The Fidelity Digital Assets survey does not paint a bleak picture of institutional investment in digital assets, although it does indicate that some segments are far more active than others.
Fidelity Digital Assets released its annual study of institutional investment in digital assets on October 27th. It shows that digital asset fundamentals remain strong despite headwinds, but adoption remains highly uneven among different types of investors.
In its survey of 1,052 institutional investors in Asia, Europe, and the US, Fidelity found that digital asset usage rose by 9% and 11% in the US and Europe, respectively, to 42% and 67%. Asia saw a slight decline in adoption, but still remained in the lead with 69%.
One of the biggest jumps observed has occurred in the future intentions of wealthy US investors, with 74% of investors in this category planning to buy or invest in digital assets in the future, up from 31% a year earlier. In general, this figure increased from 71% to 74%.
Fidelity Digital Assets President Tom Jessop commented on the report:
"Institutional investors are experienced in managing cycles. To a large extent, the inherent factors that they called attractive in this study are likely to remain when the market emerges from this period."
The most dramatic conclusion in the report may be the large acceptance gap among types of investors.
Wealthy investors, crypto hedge funds/venture capital and financial advisors show much more attachment to digital assets than family offices, pension/defined benefit plans, traditional hedge funds, and endowments and foundations.
So while 82% of wealthy investors are "currently buying/investing in digital assets," that figure drops to 7% for traditional hedge funds and 5% for pension funds.
Daily cumulative trading volume for institutional crypto investment products fell to a two-year low at a time when prices for most crypto assets continued to trade sideways during the bear market.
According to CryptoCompare's latest Digital Asset Management Review report, Digital Asset Product Managed (AUM) assets began to recover last month after a "painful September". AUM rose 1.76% in October to $22.9 billion as of the 25th.
The company's report notes that this is the first increase in AUM since July of this year, and that this figure is still well below what was seen during this year's market peak in March.
Last month, average daily aggregate volumes across all crypto investment products fell 34.1% to $62.3 million in October. This is a continuation of the downward trend in volumes since November 2021, which only briefly stopped, increasing by 0.39% in May.
The report also said that October was the second month since September 2020 that average daily volumes fell below $100 million.
Despite falling trading volume, assets under management of investment products based on bitcoin and Ethereum rose by 2.55% and 3.35%, respectively, while trust products increased their assets by 2.33% to $17.7 billion. Thus, the market rose to a five-month high of $77.3.
Notably, bitcoin-focused products have shown mixed results over the past 30 days, with returns ranging from -4.7% to 2.7%. At the same time, Ethereum-based products showed returns ranging from -22.1% to 0.8%. During the same period, BTC is up 3.38% against the USD and ETH is up 9.9%.
Bitcoin products posted a weekly inflow of $8.37M, while ETH products posted a $5.03M outflow. This may be driven by macroeconomic climate uncertainty as investors seek to invest in more secure crypto products.
Financial giant Charles Schwab has published the results of its own study, which showed that cryptocurrency is the best way to save for retirement.
"Generation Z and millennials are more likely to invest in cryptocurrencies, real estate, annuities and small businesses than older generations."
Titled "401(k) Participant Study - Gen Z/Millennial Focus," the report presents the results of Logica Research's annual online survey of U.S. 401(k) participants for Schwab Retirement Plan Services Inc.
In total, the survey included 1,000 401(k) plan members aged 21 to 70 who are actively employed in companies with at least 25 employees.
When asked about their current investments, 43% of Gen Z respondents said they invest in crypto, compared to 47% of Millennials, 33% of Gen Xers, and 4% of Boomers.
The report goes on to show that investing in cryptocurrencies is one of the top five ways to save for retirement. It is the second most popular retirement savings method for Gen Z respondents and the third most popular for millennials.
In terms of how respondents would like to invest in their 401(k) accounts, 39% cited annuities that offer a guaranteed income after retirement, while 32% cited cryptocurrency. Generation Z and Millennial respondents chose cryptocurrency as their top answer.
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