A Coinbase–EY survey of 351 institutions finds 74% expect crypto prices to rise and 73% plan to increase allocations, with stablecoins and tokenisation driving the next wave.

Despite a brutal Wednesday for digital asset prices — Bitcoin (BTC) sliding to $72,300 and a broad market selloff driven by Middle East conflict and hot inflation data — a major new institutional survey published this week tells a strikingly different story about where the smart money is heading. A joint report by Coinbase and EY-Parthenon, based on a survey of 351 institutional investors conducted in January 2026, found that 74% of respondents expect cryptocurrency prices to rise in the future, while 73% plan to increase their digital asset allocation before the end of the year.​

The findings represent a significant institutionalisation of crypto conviction. The survey, which polled decision-makers at asset managers, hedge funds, private banks, venture capital firms, family offices, and asset owners globally, found that exchange-traded products (ETPs) and other regulated instruments have now become the preferred exposure vehicle for two-thirds of respondents. That shift — from direct on-chain holdings toward regulated wrappers — reflects both the maturing product landscape and the compliance imperatives of institutional capital, following the landmark approval and uptake of spot Bitcoin and Ethereum ETFs in the U.S. over the past two years.

Regulatory Clarity Remains the Defining Catalyst

When asked about the primary obstacle to further institutional engagement, more than three-quarters of respondents pointed to market structure regulation as the issue requiring the most urgent clarification. This finding echoes the prior year’s survey, in which 52% of respondents named regulatory uncertainty as their top concern and 68% identified greater regulatory clarity as the single most important catalyst for the industry’s next growth phase.

The regulatory landscape has shifted materially since then. The GENIUS Act — signed into law by President Trump on July 18, 2025 — established the first comprehensive federal framework for payment stablecoins in the United States, introducing 1:1 reserve mandates, licensing requirements, and federal preemption over conflicting state regimes. The Office of the Comptroller of the Currency subsequently issued proposed implementing regulations in March 2026, with a public comment deadline of May 1. The survey’s findings suggest institutions are watching this process closely: 83% of respondents said they have used or plan to use stablecoins for payments and financial management, while 83% also said passage of the GENIUS Act would enhance financial institutions’ willingness to participate in the stablecoin market.

The appetite for tokenised assets is similarly broad. Sixty-three percent of respondents expressed interest in tokenised assets, and 61% expect tokenisation to have a significant impact on market structure — a finding consistent with the rapid growth of real-world asset (RWA) tokenisation across DeFi platforms, where Morpho alone saw RWA deposits grow from near zero to $400 million over the course of 2025.

Amid widespread bullishness, the survey also captured the scars of recent volatility. Nearly half of respondents — 49% — said that recent market fluctuations had led them to place greater emphasis on risk management, liquidity, and position control, rather than reducing their holdings outright. That distinction matters: institutional capital appears to be recalibrating its approach rather than retreating, a posture that may prove consequential as markets navigate the current geopolitical shock.​

The juxtaposition between Wednesday’s price action and the survey’s conclusions encapsulates the central tension facing institutional crypto allocators in 2026: near-term macro headwinds severe enough to test conviction, set against a structural adoption thesis that continues to broaden quarter by quarter.