Source: Coinbase; Compiled by Golden Finance. Key Points: 1. The majority of respondents are bullish on Bitcoin. Among the 124 respondents, 67% of institutional investors and 62% of non-institutional investors are positive about Bitcoin's outlook over the next three to six months. 2. Investor views differ significantly regarding the current stage of the market cycle. Nearly half (45%) of institutional investors believe we are in the late bull market, while just over a quarter (27%) of non-institutional investors hold this view. 3. Both institutional investors (38%) and non-institutional investors (29%) view the macroeconomic environment as the greatest potential risk facing the cryptocurrency market over the next three to six months.
From September 17 to October 3, 2025, Coinbase surveyed over 120 global investors to understand their views on cryptocurrency market trends, industry allocation, risk management, and other aspects.
What stage of the cryptocurrency market cycle are we currently in?

What are your expectations for Bitcoin in the next 3-6 months? What are the most likely changes in Bitcoin’s market capitalization share (i.e., Bitcoin’s share of the total cryptocurrency market capitalization) in the next 3-6 months? Institutional Investors: Please rank the following cryptocurrency sectors based on your expected performance over the next 3-6 months (1 being the best performer and 4 being the worst performer). alt="vk8qzhxCs869cFMA89svrNdTAErpGdBm0nnhccpF.png">
Non-institutional investors: Please rank the following cryptocurrency sectors based on their expected performance in the next 3-6 months (1 being the best performance and 4 being the worst performance)

What is the biggest potential risk facing the cryptocurrency market in the next 3-6 months? How does the current level of risk compare to the benchmark level? How do you most want the crypto project to handle its reserve funds? If the U.S. Securities and Exchange Commission (SEC) approves a cryptocurrency spot ETF, what impact do you expect this will have on cryptocurrency prices?

In your opinion, what is the most crowded trade in the current cryptocurrency market?
