The Shift in Sentiment

A recent survey conducted by CNBC has unveiled a stark decline in the number of Americans who view cryptocurrency favorably. Only 8% of respondents reported a positive view as of the end of November, a significant drop from the 19% recorded back in March. This decline begs the question: What’s with the crypto grumpiness?

Survey Details: A Closer Look

The All-America Economic Survey, conducted from November 26 to November 30, questioned a modest group of 800 individuals across the nation. Despite its catchy title, it’s essential to recognize its limitations, including a margin of error of +/- 3.5%. So, while the numbers are intriguing, take them with a grain of salt—or perhaps a whole shaker.

Growing Negativity: The ‘Hater’ Effect

Alongside the declining favorability, the survey indicated a sharp increase in the number of individuals with negative sentiments towards cryptocurrency, ballooning from 25% in March to 43% by November. Sounds like the crypto honeymoon is over, folks!

Investors Feeling the Burn

Interestingly, even among those who previously dabbled in the crypto market, 42% of them expressed a somewhat or very negative view of the asset class. That’s a pretty substantial number, hinting that even die-hard fans are experiencing some serious buyer’s remorse. Notably, 17% of crypto investors fell into the ‘very negative’ category, compared to a staggering 47% of non-investors.

Events That Shook the Crypto World

While the survey didn’t pinpoint the specific reasons for the dip in sentiment, it’s almost impossible to overlook the calamities that befell the crypto space in recent months. From the fallout of TerraUSD’s collapse, which eroded $44 billion in May, to the bankruptcy proceedings of Celsius in July, and finally the disastrous implosion of FTX in November, it’s been a rollercoaster ride that few are eager to reboard.

“Crypto is 90% retail market, which means the sentiment of mom-and-pop investors really matters.” – Brian Brook, CEO of Bitfury

Instilling Hope: Institutional Investor Activity

Not all is lost! According to a Coinbase-sponsored survey released on November 22, 62% of institutional investors who participated increased their crypto allocations over the past year. And if that wasn’t enough to lift your spirits, Crypto exchange Bitstamp reported a 57% jump in institutional registrations in November. Apparently, while retail investors might be running for the hills, the big players are still strutting into the casino.