Bear Market Didn’t Hurt Crypto Fundamentals, Claims Fidelity

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On Oct. 27, the portfolio and asset manager published its “2022 Institutional Investor Digital Assets Study,” an annual report shedding light on the crypto industry from an institutional perspective.

The research revealed that the market is now well-positioned to weather the macroeconomic headwinds it has faced in recent months. Fidelity Digital Assets President, Tom Jessop, commented:

“We believe that digital assets fundamentals remain strong and that the institutionalization of the market over the past several years has positioned it to weather recent events.”

Asian Investor Adoption Highest

Jessop added that institutional investors were experienced in managing through these market cycles. The factors that they believe are appealing about crypto assets remain relevant as the market emerges from this bear phase, he added.

The research, which surveyed 1,052 professionals from a variety of firms in the first half of 2022, also noted that adoption was uneven between different investor types.

Crypto adoption among institutional investors increased in the U.S. by 42% and Europe by 67% for the period compared to the same time the previous year. There was a minor decline for Asian institutional investors, but overall, they remain the most accepting of the asset class, with 69% reporting an allocation.

Regarding investor type, the adoption and consideration of crypto were highest among high-net-worth investors, crypto hedge funds, venture capital investors, and financial advisors. Those on the lower end of the adoption scale included family offices, pension plans, traditional hedge funds, and endowments and foundations.

With regards to appealing features, institutional investors surveyed reported that the most appealing were high potential upsides, innovative technology, and decentralization.

The fifth most commonly cited source of appeal was that crypto was uncorrelated to other assets. However, crypto markets have actually been highly correlated to tech stocks this year, both of which have taken a beating.

Earlier this month, Fidelity announced Ethereum trading options for its institutional clients.

Plans to Buy More Crypto

The report also revealed that 74% of surveyed investors plan to buy or invest in crypto assets in the future, up slightly from 71% in 2021. The figures are quite remarkable since 2021 was a bull market, and 2022 has been dominated by the bears.

This week’s crypto market rally appears to be fizzling out already. Total capitalization is down 2% on the day, and most of the major assets are in the red again.

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