Although the cryptocurrency market has rebounded somewhat in recent times, this recovery has not led to a corresponding increase in the rate of cryptocurrency holdings. According to a report released by the Federal Reserve Bank of Philadelphia’s Consumer Financial Research Institute (CFI) on September 6, data shows that since the 2022 bear market, the rate of cryptocurrency holdings has declined significantly. In January 2022, the cryptocurrency holding rate was 24.6%, but by October, this figure had dropped to 19.1%.

More notably, even as the market gradually recovered over the following 18 months, the cryptocurrency holding rate did not show a significant rebound. In October 2023, the cryptocurrency holding rate was only 17.1%, and by January 2024, it further declined to 15.4%. This trend indicates that even as the market warms up, investors still seem cautious and have not massively re-entered the crypto asset market.
In April 2024, Bitcoin's price reached a cyclical high, but the holding rate at that time was only 16.1%, a low compared to the price rebound, highlighting that investors did not generally increase their allocation to cryptocurrencies. By July 2024, the cryptocurrency holding rate dropped again to 14.7%, continuing this downward trend.
This data reflects an important phenomenon: despite fluctuations and price recoveries in the cryptocurrency market, investors’ interest and confidence in cryptocurrencies do not seem to have recovered in tandem. Market volatility, regulatory uncertainty, and the long-term sustainability of crypto assets may be the main factors causing investors to remain cautious. This also suggests that market recovery does not necessarily translate directly into increased user holdings, especially after several years of significant volatility, when investor behavior appears more cautious and rational.
Overall, the recovery of the cryptocurrency market may be more reflected in price rather than in the growth of holdings. This perhaps also indicates that in the future, broader adoption will depend not only on rising market prices but also on greater technological advancements, regulatory clarity, and rebuilding consumer trust.