Major bank identifies surprising trend for American crypto investors

Deutsche Bank survey of 3,400 consumers shows U.S. crypto participation rebounded to 12% in March from 7% in February, driven in part by roughly $1.3 billion of net inflows into Bitcoin ETFs that month. Despite rising adoption, most respondents remain pessimistic on price: BTC trades near $77,000 and only ~3% of U.S. investors expect a return to the $120,000 all-time high, while 19% see year-end 2026 levels of $20k–$60k and 13% expect sub-$20k. The piece highlights a divergence with the S&P 500, which is hitting record highs, as investor risk appetite shifts back toward established equities (e.g., Nvidia) and traditional assets like gold. Net effect: higher participation and ETF flows support the crypto market structurally, but weak price expectations cap near-term upside.