JPMorgan Survey: 71% of Institutional Traders Have No Plans to Trade Crypto in 2025

A recent survey by JPMorgan has revealed that a significant majority of institutional investors remain hesitant about entering the cryptocurrency market. The bank’s January 2025 e-trading survey found that 71% of institutional traders have no plans to trade digital currencies this year, a slight improvement from the 78% recorded in the previous year.
Despite a growing sense of optimism surrounding the regulatory environment for digital assets in the United States, institutional interest in crypto remains low. The survey, which polled 4,200 clients from 60 locations worldwide, highlights a cautious stance among investors toward the volatile and often unpredictable crypto market.
Shift in Sentiment Toward Crypto Trading
While the majority of institutional traders are avoiding crypto, there are signs of growing interest. The survey found that 16% of respondents planned to engage in crypto trading in 2025, a notable increase from the previous year. Additionally, 13% of institutional traders reported that they were already involved in crypto trading—up from 2024 figures.
This shift in sentiment suggests a gradual but cautious acceptance of digital assets among institutional players, although it is still far from widespread adoption.
Continued Expansion of E-Trading Activities
One of the most striking findings from JPMorgan’s survey is that 100% of respondents plan to increase their e-trading activities in 2025, with a particular focus on less liquid assets. This points to a broader trend where institutional investors are expanding their digital trading operations, even if they remain hesitant when it comes to cryptocurrencies.
In a broader context, JPMorgan’s global head of digital markets, Eddie Wen, commented on the regulatory landscape, noting that "recent headlines suggest that the new administration supports the market," and pointed to the regulatory changes that have lowered barriers for traditional banking institutions to enter the crypto space. However, despite these regulatory improvements, the survey shows that institutional traders are still exercising caution.
Geopolitical Tensions and Economic Uncertainty
Alongside concerns about crypto, the survey respondents identified inflation and tariffs as the major risks for the market in 2025, signaling that macroeconomic factors continue to take precedence. This was followed by rising geopolitical tensions, which have become a significant concern for traders globally.
Market volatility, which had been a challenge for institutional traders in previous years, also emerged as a key issue, with 41% of respondents citing it as their primary trading challenge in 2025—up from 28% in 2024. Gergana Thiel, global co-head of Macro Sales at JPMorgan, noted that the increased focus on inflation and tariffs is unsurprising, given the ongoing global economic pressures.
Regulatory Shifts in the U.S. Crypto Industry
The results of JPMorgan’s survey come amidst a changing regulatory landscape in the United States, which has seen key developments in the crypto sector. The Securities and Exchange Commission (SEC) recently scaled back its crypto enforcement unit, signaling a softer approach to regulating the industry.
Meanwhile, former President Donald Trump has signed an executive order directing the U.S. government to establish a sovereign wealth fund, which could potentially include investments in Bitcoin. The fund is expected to be part-managed by Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, both of whom have shown support for the crypto industry. Senator Cynthia Lummis has also suggested that the fund might use part of its resources to purchase Bitcoin, further signaling growing institutional interest in the asset.
Additionally, White House "crypto czar" David Sacks has emphasized the government's goal of bringing stablecoins onshore to "extend the dollar’s dominance internationally and extend it online digitally." This move is part of the broader U.S. strategy to solidify the dollar’s position as the world’s dominant currency, particularly in the digital space.
Conclusion
JPMorgan's survey highlights the continuing wariness among institutional investors when it comes to crypto, despite recent regulatory improvements. The 71% of respondents who have no plans to trade digital assets in 2025 reflects a cautious approach to the cryptocurrency market, with institutional investors still prioritizing economic and geopolitical risks over digital currencies. However, the gradual increase in traders planning to enter the crypto space, coupled with the growing expansion of e-trading, suggests that interest in cryptocurrencies is slowly building, albeit at a measured pace. As the regulatory environment becomes clearer and the industry matures, the role of institutional investors in the crypto market may continue to evolve.
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