The S&P 500 has reached unprecedented heights above 7,000 this month, while Bitcoin (BTC) has been struggling to regain the momentum that propelled it past $122,000 in October 2025.
A recent survey conducted by Deutsche Bank, which involved 3,400 global consumers, indicates that although more individuals are entering the cryptocurrency market, very few anticipate a new price frenzy in 2026.
Data from the survey reveals a resurgence of cryptocurrency adoption in the United States. In March, U.S. participation surged to 12%, a significant increase from the 7% low observed in February. This return to double-digit participation levels mirrors those seen in July 2025.
The revival of Bitcoin exchange-traded funds (ETFs) has been a major catalyst behind this shift. In March alone, these funds attracted around $1.3 billion in net inflows, according to the data.
Analysts Marion Laboure and Camilla Siazon highlighted that after a downward trend throughout late 2025, U.S. adoption rates began to stabilize and recover last month.
Despite the growing number of individuals owning digital assets, the outlook on future prices remains subdued. While Bitcoin is currently trading near $77,000, the majority of survey participants expect it to conclude 2026 at a much lower value.
In the U.S., 19% of respondents foresee the price settling between $20,000 and $60,000 by the end of next year. Even more notably, 13% anticipate a decline below the $20,000 mark.
Only a small fraction of investors, approximately 3% in the U.S., anticipate Bitcoin returning to its previous all-time high of $120,000. The Deutsche Bank team noted that very few individuals foresee a return to record-breaking levels.
The primary reason Bitcoin is not mirroring the S&P 500’s climb to new records seems to be a shift in how investors perceive risk. While robust corporate earnings have propelled the stock market, Bitcoin is behaving more like a high-risk asset than a safe haven.
Investors appear to be reallocating capital into established technology stocks like Nvidia as concerns regarding global conflicts begin to ease.
Despite these apprehensions, Bitcoin remains a focal point in the industry. Approximately 70% of crypto investors hold Bitcoin, a significantly higher proportion than the ownership of stablecoins like USDT or USDC.
Moreover, 69% of U.S. respondents still regard Bitcoin as their top choice for future investments, according to the report.
While crypto ownership predominantly favors men and higher-income households, there are gradual inroads among women and lower-income investors. Younger consumers in the U.K. represent the fastest-growing segment of new participants.
However, traditional assets such as gold and the S&P 500 continue to vie for attention, as U.S. investors remain evenly divided on their preferences for long-term growth assets.
This rewritten article was originally published by TheStreet on April 20, 2026, in the MARKETS section.
