Coinbase: How global investors see the crypto market in the next 3-6 months

Source: Coinbase; Compiled by: Bitcoin Vision

core points

1.The majority of respondents are bullish on Bitcoin.Among the 124 respondents, 67% of institutional investors and 62% of non-institutional investors have a positive view of Bitcoin’s prospects in the next 3-6 months.

2. There are significant differences in investor views regarding the current stage of the market cycle.Nearly half (45%) of institutional investors believe we are in the late stages of a bull market, while only slightly more than a quarter (27%) of non-institutional investors hold this view.

3. Both institutional investors (38%) and non-institutional investors (29%) regard the macro environment as the biggest potential risk facing the cryptocurrency market in the next 3-6 months.

From September 17 to October 3, 2025,Coinbase launched a survey of more than 120 global investors to understand their views on cryptocurrency market trends, industry configuration, risk management, etc.

Where are we currently in the cryptocurrency market cycle?

What are the expectations for Bitcoin in the next 3-6 months?

What is the most likely change in Bitcoin’s market capitalization share (that is, Bitcoin’s share of the total market capitalization of cryptocurrencies) in the next 3-6 months?

Institutional Investors: Please rank the following cryptocurrency sectors based on their expected performance over the next 3-6 months (1 being the best performer, 4 being the worst performer)

Non-Institutional Investors: Please rank the following cryptocurrency sectors based on expected performance over the next 3-6 months (1 being the best performer, 4 being the worst performer)

What are the biggest potential risks facing the cryptocurrency market in the next 3-6 months?

How does the current level of risk taken compare to the baseline level?

What would you most like crypto projects to do with their reserve funds?

If the U.S. Securities and Exchange Commission (SEC) approves a cryptocurrency spot ETF, what impact do you expect this to have on cryptocurrency prices?