Bank of America internal customer data shows a drop of more than 50% in the number of active cryptocurrency users from a peak of over 1M users in November 2021 to below 500K in May, according to a note of from the Bank of America Institute.That aligns with the general slide in cryptocurrencies during the same time period as investors became more risk averse. Bitcoin (BTC-USD), the biggest cryptocurrency by market cap, has plummeted more than 70% to ~$19K from a peak of ~$68.8K in November.The anonymized data doesn't show what investments customers made on crypto platforms, only that the they interacted with them.The general U.S. population has also soured, according to a BofA survey, with 30% of respondents saying in June they haven't invested in crypto and have no plans to do so. That compares with 21% who gave that answer in April.Crypto assets comprise less than 1% of overall U.S. household assets, and the BofA survey suggested that relatively few people sees crypto assets as a reliable long-term investment. Bitcoin (NYSEARCA:BTC) fell below $20K again early Thursday.
