A new report from FINRA shows that while the number of Americans invested in cryptocurrencies has remained broadly unchanged from 2021 to 2024, far fewer retail investors are considering buying digital assets for the first time or increasing their current holdings. The findings point to a notable shift in risk appetite as economic uncertainty and regulatory scrutiny reshape sentiment across the US investment landscape.
Crypto ownership plateaus after years of rapid expansion
FINRA’s data suggests that the wave of new retail entrants seen during the boom years of 2020–2021 has largely subsided. Despite price recoveries and renewed institutional interest, crypto participation has stabilised rather than expanded. The levelling-off reflects a maturing market, where early adopters remain active but broader public enthusiasm has cooled. Analysts note that steady ownership levels may mask deeper caution, as investors increasingly hesitate to view crypto as a straightforward growth opportunity.
Risk-taking declines as economic pressures rise
One of the survey’s most striking observations is the drop in speculative behaviour. Fewer respondents said they planned to take on additional crypto exposure, and fewer still expressed interest in entering the market for the first time. Rising interest rates, tighter household budgets and volatile asset prices have contributed to a more conservative investment mindset. Rather than seeking high-risk, high-reward assets, many Americans are prioritising liquidity and stability amid ongoing cost-of-living pressures.
Regulatory uncertainty dampens enthusiasm
Investors cited regulatory ambiguity as a key factor behind their hesitation. High-profile enforcement actions, delayed policy decisions and debates over the classification of digital assets have introduced an additional layer of uncertainty. While institutional players remain active in structured digital-asset markets, retail investors appear more wary of navigating an environment where long-term rules are still evolving. The FINRA findings suggest that clearer regulatory frameworks could play a meaningful role in shaping future participation.
A maturing market enters a more measured phase
Although risk appetite is declining, analysts emphasise that steadier ownership levels signal durability rather than retreat. Many of those already invested in crypto continue to see it as a long-term component of their portfolios. The shift is therefore less about abandonment and more about recalibration, as retail investors move away from speculative behaviour and toward more deliberate, research-driven strategies.
Newshub Editorial in North America – 5 December 2025
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