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Bank of America has disclosed that the number of clients who actively utilize cryptocurrencies has decreased by more than 50 percent since November last year. In addition, the bank's statistics "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 produced a survey last week indicating a significant fall in the number of active bitcoin users since November of last year when it reached its high.
The bank elaborated: "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 research said.
Bank of America also said that only about 33,000 clients transacted in crypto for the first time in May, a fall of 87 percent from the 267,000 first-time users in October of last year.
Moreover, the Bank of America study describes: “Our data also indicates that outflows from crypto platforms have decreased significantly and are now about equivalent to inflows, meaning consumers are reducing their net investment in 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 stated.
In June, Bank of America announced the findings of a poll indicating that 91 percent of more than 1,000 existing and potential U.S. crypto investors want to purchase other digital assets during the next six months. Additionally, approximately 40% of respondents disclosed that they utilize cryptocurrencies as a payment method.
The bank’s research team stated, “Overall, our data imply that consumer interest in the sector remains high despite the significant fall in crypto values.”