Global crypto ownership steady as sell-off slows down

Gemini’s 2024 Global State of Crypto report, published on September 10, reveals that despite recent market challenges, crypto ownership remains stable in key regions such as the US, UK, France, and Singapore.

In the report shared with crypto.news, Gemini researchers highlighted the consistency of global crypto holders despite the turbulence that has rocked the industry in recent years, particularly between 2022 and 2024.

According to the report, throughout these years, the US and UK maintained stable ownership rates of 21% and 18% respectively. France saw a modest increase in crypto ownership from 16% to 18%, while Singapore saw a slight decrease from 30% to 26%.

Source: Gemini’s Global State of Crypto 2024 report

This durability is largely attributed to the long-term investment mindset of cryptocurrency holders, with 65% of holders in these regions reporting that they purchased and held the cryptocurrency for its potential to increase in value over time.

Additionally, 38% of these investors view crypto as a hedge against inflation, reflecting crypto’s role as a strategic asset in portfolios.

Cryptocurrency sales have slowed in recent months

The report highlighted a significant slowdown in selling activity among crypto investors over the past six months. While the number of former crypto holders has increased in recent years, the majority (75%) exited the market more than six months ago, primarily due to price volatility.

However, as the market shows signs of recovery, fewer investors have sold their holdings in the past six months compared to investors who sold more than a year ago. Only 29% of investors who sold their crypto did so after experiencing losses.

Spot crypto ETFs bring new owners to crypto in the US

According to Gemini’s report, around 37% of US crypto holders now hold some of their assets through ETFs, and 13% enter the market solely through these financial products.

In early July, spot Ethereum (ETH) ETFs began trading, paving the way for other cryptocurrencies besides Bitcoin (BTC) to gain mainstream acceptance.

Source: Gemini’s 2024 Global State of Crypto report Regulatory concerns and gender inequalities

In the US and UK, around 38% of non-owners cited regulatory concerns as a reason not to invest in crypto. This sentiment was even stronger in Singapore, where 49% of respondents expressed similar reservations.

The report also sheds light on the persistent gender gap in crypto ownership. While men continue to dominate the space — 69% of crypto owners identify as male, while 31% identify as female — women who invest are just as likely as their male counterparts to HODL or hold onto their assets for the long term.

This statistic suggests that women’s investment behavior once they enter the market is in line with the general trend of long-term holding.

Those who have owned cryptocurrencies in the past are likely to return to crypto

Old cryptocurrency holders who left the cryptocurrency market during the downturn remain optimistic about digital assets and state that they are ready to re-enter the market.

More than 70% of previous owners have expressed their intention to purchase cryptocurrencies within the next year. Specifically, 77% of previous crypto owners in the United States said they were at least somewhat likely to purchase cryptocurrencies in the next year, according to the report.

Cryptocurrency boom is happening in Turkey

The 2024 State of Crypto study included Turkey for the first time this year. According to the report, the majority of respondents in Turkey (58%) reported owning crypto, and an even larger majority (65%) said they were likely to purchase crypto in the coming year.

Additionally, Turkish cryptocurrency holders (62%) were significantly more likely to actively trade cryptocurrencies compared to holders in other surveyed countries (43%).