A JPMorgan e-trading survey has revealed that over 70% of institutional traders have no plans to trade crypto in 2025.
According to the January survey, 71% of institutional traders said they would not engage in crypto trading this year. While this represents a slight decrease from 78% in 2024, it still indicates a significant reluctance to enter the market.
Despite the crypto skepticism, the survey found that 100% of respondents planned to increase online or e-trading activity, particularly for less liquid assets.
Meanwhile, 16% of respondents said they planned to trade digital assets in 2025, and 13% reported already doing so, both figures marking an increase from last year.
“Recent headlines suggest that the new administration supports the market, and recent changes have lowered the barriers for traditional banking community members to enter this space,” said Eddie Wen, JPMorgan’s global head of digital markets, in an interview with Bloomberg.
The survey results come at a time when the regulatory landscape for digital assets in the United States has been improving following a shift in leadership at major financial agencies.
“It does not surprise me that 51% of the participants thought that tariffs and inflation will be two of the central risks or two of the central spots for the market to focus on,” said Gergana Thiel, global co-head of Macro Sales at JPMorgan.
Additionally, 41% of respondents cited market volatility as their primary trading challenge, up from 28% in 2024.
The survey found that inflation and tariffs were expected to have the biggest impact on global markets this year, followed closely by geopolitical tensions.
The Securities and Exchange Commission (SEC) recently scaled back its crypto enforcement unit, signaling a softer stance on regulation.
While institutional traders remain cautious, the U.S. government is showing increasing support for the crypto industry.
Meanwhile, David Sacks, White House “crypto czar,” suggested the U.S. is looking to integrate stablecoins into the financial system, aiming to strengthen the dollar’s dominance internationally and digitally.
Previously, New Hampshire and North Dakota introduced legislation to establish strategic Bitcoin reserves, marking a growing trend among U.S. states to diversify their treasuries with cryptocurrency.
Additionally, Donald Trump signed an executive order directing the creation of a sovereign wealth fund, with pro-crypto officials Scott Bessent and Howard Lutnick among those managing it.