Bank of America survey: 97% of large funds still have not allocated to Crypto Assets, with an average proportion of only 0.3%.

Against the backdrop of Crypto Assets gradually being accepted by mainstream finance, a recent survey by Bank of America (BofA) reveals an unexpected reality – the vast majority of large fund managers still keep their distance from Crypto Assets. The survey shows that 97% of the surveyed fund managers have no allocation to any crypto, with an overall average ratio of only 0.3%, contrasting sharply with the investment enthusiasm in traditional markets.

Data Reveals: Institutional Investors Remain Cold on Crypto Assets

In August, American banks conducted a survey of 211 fund managers, whose total managed assets reached $504 billion. The results showed:

1. Only 9% of fund managers indicated that they have made structural allocations to Crypto Assets.

2. The average allocation ratio of funds holding Crypto Assets is 3.2%.

3. If we calculate the average proportion of all respondents, it is only 0.3%.

This means that even if assets like Bitcoin (BTC) and Ethereum (ETH) continue to outperform some traditional markets in 2025, large funds generally choose to wait and see.

Experts Criticize: Missed Market Opportunities

ETF analyst Eric Balchunas has been outspoken about this phenomenon, believing that some fund managers lack foresight. He pointed out that these individuals are akin to the "global fund managers" who sold off US assets during the rebound in the US market in the first quarter of 2025, missing out on significant opportunities. Balchunas sarcastically said: "Maybe they should look at those fund managers who are performing better instead of just avoiding emerging assets."

Traditional market sentiment is warming up, but Crypto Assets are still being overlooked

The survey also showed that fund managers' attitudes towards the stock market improved significantly in August:

1. The net increase in the proportion of global stocks rose from 2% last month to 14%.

2. The allocation ratio of emerging market stocks has reached the highest level since the beginning of 2023.

3. The allocation in the US stock market remains low, as some managers are concerned about overvaluation.

At the same time, the cash holding ratio remains at 3.9%, close to the 4% threshold identified by Bank of America as a "sell signal for U.S. stocks", indicating that institutions are still maintaining a defensive posture.

Institutional Concerns: Economic and Policy Risks Remain

The Bank of America survey indicates that fund managers are not optimistic about the global economic outlook for the next 12 months:

41% expect economic growth to slow down (up from 31% in July);

18% are worried about inflation rising (only 6% last month);

The main risks include: trade war causing recession (29%), inflation undermining interest rate cut plans (27%), bond yields getting out of control (20%) In this macro environment, while Crypto Assets have high growth potential, volatility and regulatory uncertainty still lead most institutions to choose to wait and see.

Potential Turning Points in Encryption Adoption

Ryan Rasmussen, the research director at Bitwise, believes that although the current proportion of Crypto Assets in large fund portfolios is extremely low, as Crypto Assets continue to outperform traditional markets, institutional investors will have to reassess their allocation strategies.

He pointed out: "An average allocation ratio of 3.2% may be the starting point for the coming years, rather than the endpoint."

Conclusion

A Bank of America survey reveals the "adoption gap" of Crypto Assets in the institutional investment sector—despite the gradual increase in market acceptance, the actual participation of large funds remains minimal. As assets like Bitcoin and Ethereum rise in status within the global financial system, this situation may see a turning point in the coming years. For investors, when institutions enter the market on a large scale will be an important signal to observe for the next wave of trends in the Crypto market.