Bank of America has revealed that the number of its customers who are active crypto users has declined more than 50% from its peak in November last year. In addition, the bank said its data “shows that outflows to crypto platforms have fallen sharply,” indicating that “consumers are pulling back on their net investment into crypto platforms.”Bank of America published a report last week showing a steep decline in the number of active cryptocurrency users from its peak in November last year.
Anonymized Bank of America internal customer data shows a sharp, greater than 50%, decline in the number of active crypto users from the peak of over 1 million users in November 2021 to below 500,000 in May.“We also found that ‘first time’ users, customers who made a transaction with a crypto platform having not made one previously, have also fallen very sharply,” the report adds.
Bank of America further noted that there were only around 33,000 clients who transacted in crypto for the first time in May, which was an 87% decline compared to the 267,000 first-time users in October last year.Our data also shows that outflows to crypto platforms have fallen sharply as well and are now broadly equal to inflows, indicating that consumers are pulling back on their net investment into crypto platforms.
“In dollar terms outflows peaked around $2.9 billion in late 2021, before dropping back to around $1 billion in May 2022,” the bank said.showing that 91% of more than 1,000 current and prospective U.S. crypto investors plan to buy more digital assets in the next six months. Moreover, nearly 40% of respondents revealed that they use cryptocurrency as a means of payment.
Don't trust the words coming from a big bank.
Soon people realize they were wrong. Being active now would make them millionaires in the future
their customers are still losing money in the market 😅😅😅 BTCG BitcoinGreen
We do not need crowd which doesn't see technology evolving.
Crypto winter will pass and customers will return.
How would BofA know?
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If FED, SEC or Any other government did not intervene in Crypto space. Crypto would be a Paradise. But those bastards are trying to make it hell. Eventually they will be in hell coz they will loose.
How many active Broader Market users after their decline😀
Fear will do that.
Luna already finished everything
this must be a big lie.......banks trying to manipulate the crypto market just like they do with the traditional market.
Shake them out
Expeted
It is better than constantly following the market and trading