2 years ago
Bank of America has revealed that the fig of its customers who are progressive crypto users has declined much than 50% from its highest successful November past year. In addition, the slope said its information “shows that outflows to crypto platforms person fallen sharply,” indicating that “consumers are pulling backmost connected their nett concern into crypto platforms.”
Bank of America’s Active Crypto Users
Bank of America published a study past week showing a steep diminution successful the fig of progressive cryptocurrency users from its highest successful November past year. The slope explained:
Anonymized Bank of America interior lawsuit information shows a sharp, greater than 50%, diminution successful the fig of progressive crypto users from the highest of implicit 1 cardinal users successful November 2021 to beneath 500,000 successful May.
“We besides recovered that ‘first time’ users, customers who made a transaction with a crypto level having not made 1 previously, person besides fallen precise sharply,” the study adds.
Bank of America further noted that determination were lone astir 33,000 clients who transacted successful crypto for the archetypal clip successful May, which was an 87% diminution compared to the 267,000 first-time users successful October past year.
In addition, the Bank of America study details:
Our information besides shows that outflows to crypto platforms person fallen sharply arsenic good and are present broadly adjacent to inflows, indicating that consumers are pulling backmost connected their nett concern into crypto platforms.
“In dollar presumption outflows peaked astir $2.9 cardinal successful precocious 2021, earlier dropping backmost to astir $1 cardinal successful May 2022,” the slope said.
In June, Bank of America released the results of a survey showing that 91% of much than 1,000 existent and prospective U.S. crypto investors program to bargain much integer assets successful the adjacent six months. Moreover, astir 40% of respondents revealed that they usage cryptocurrency arsenic a means of payment.
The bank’s probe squad noted astatine the time: “Overall, our findings suggest that contempt the crisp correction successful crypto valuations, user involvement successful the assemblage remains strong.”
What bash you deliberation astir Bank of America’s information connected progressive crypto users? Let america cognize successful the comments conception below.
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