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The report made its determinations based on the analysis of nearly 5 million active checking account customers, of which more than 600,000 conducted transfers to crypto accounts. This suggested a “herd-like behavior” among traders who showed a spike in transfer activity at certain points in time that highly correlated with price movements.
The second major takeaway from the report is that crypto usage is “broader and deeper for men, Asian individuals, and younger individuals with higher incomes.” The third main takeaway was that the crypto holdings for most individuals are relatively small, with “median flows equal to less than one week’s worth of take-home pay.” JPMorgan found that the median gross amount transferred to crypto accounts between 2015 and H1 2022 was approximately $620.