US Crypto Adoption Bounces Back Amid Institutional Demand for Bitcoin

Deutsche Bank's latest retail survey suggests that US crypto adoption has recovered to mid-2025 levels, climbing back to 12% in March after hitting a February low of 7%. This recovery marks a return to a level seen in July 2025. Analysts Marion Laboure and Camilla Siazon noted that the U.S. figure has never exceeded 14% in the survey's history.

Bitcoin exchange-traded funds (ETFs) recorded approximately $1.3 billion in net inflows during March, indicating a recovery in institutional demand after a slow start to the year. Bitcoin itself gained roughly 9% in March, recovering toward $70,000, but remains more than 20% below its starting point for 2026 and well below its late-2025 peak above $126,000.

Despite this rebound, consumer price expectations remain cautious, with a majority of respondents across all three regions expecting Bitcoin to trade below current levels by the end of 2026. In the U.S., 19% of those surveyed forecast prices settling between $20,000 and $60,000, while 13% expect a drop below $20,000.