Source: Coinbase
Compiled by: Golden Finance
Key Points
Most respondents hold a bullish view on Bitcoin. Among 124 respondents, 67% of institutional investors and 62% of non-institutional investors have a positive outlook on Bitcoin's prospects for the next 3-6 months.
There is significant divergence in investor opinions regarding the current stage of the market cycle. Nearly half (45%) of institutional investors believe we are in the late stage of a bull market, while just over a quarter (27%) of non-institutional investors share this view.
Both institutional investors (38%) and non-institutional investors (29%) regard the macro environment as the biggest potential risk facing the cryptocurrency market in the next 3-6 months.
From September 17 to October 3, 2025, Coinbase conducted a survey of over 120 global investors to understand their views on cryptocurrency market trends, industry allocation, risk management, and more.
What stage is the cryptocurrency market currently in?
What are the expectations for Bitcoin in the next 3-6 months?
What changes are most likely to occur in Bitcoin's market capitalization share (i.e., Bitcoin's share of the total cryptocurrency market capitalization) in the next 3-6 months?
Institutional Investors: Please rank the following cryptocurrency sectors based on expected performance in the next 3-6 months (1 being the best performer, 4 being the worst performer)
Non-Institutional Investors: Please rank the following cryptocurrency sectors based on expected performance in the next 3-6 months (1 being the best performer, 4 being the worst performer)
What is the biggest potential risk facing the cryptocurrency market in the next 3-6 months?
How does your current risk level compare to the benchmark level?
How do you hope cryptocurrency projects will manage their reserve funds?
If the U.S. Securities and Exchange Commission (SEC) approves a cryptocurrency spot ETF, what impact do you expect this to have on cryptocurrency prices?
In your opinion, what is the most crowded trade in the current cryptocurrency market?
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