UK Crypto Ownership Falls to 8% Despite 91% Awareness: FCA Study

The findings point at a retail crypto market that is shrinking but getting more concentrated, wherein widespread awareness no longer means broad participation.

The FCA's Cryptoasset Consumer Research 2025 (Wave 6) is a nationally representative survey of UK adults in mid-2025. Now in its sixth annual iteration, this study gives a good idea of the consumer's understanding of crypto assets, their usage, and perception, including cryptocurrencies, stablecoins, and related activities such as staking and lending. The report is designed to track how consumer behavior evolves over time, particularly in response to ongoing market volatility and public risk messaging.

The research showed that the proportion of UK adults currently holding crypto assets fell to approximately 8% in 2025, continuing a downward trend from previous survey waves. Despite a high level of awareness, with more than nine in ten adults reporting being familiar with crypto assets, fewer consumers were taking any action in the market.

The growing gap between awareness and ownership shows a more cautious consumer attitude. Many non-holders said that volatility, uncertainty, and the possible losses were some of the reasons for not investing in them. The FCA's findings indicate increased information about crypto assets does not seem to have reduced perceived risk, and in some cases may well have reinforced it.

While overall ownership declined, the composition of crypto holdings among remaining investors changed significantly. The FCA found a reduction in the very small holdings, in particular portfolios valued under £100, alongside growth in mid-range and higher-value investment brackets. The proportion of holders with crypto assets valued between £1,001 and £5,000 increased, as did those holding between £5,001 and £10,000.

This change points to a consolidation effect within the retail crypto market: casual or experimental investors appear to be exiting, while a smaller group of more financially committed participants continues to maintain or expand exposure. It is not an exodus; the data suggest a realignment in who participates and how much they invest.

Perhaps the most striking factor distinguishing crypto holders from non-holders is risk tolerance. A majority of current owners reported being comfortable with higher levels of financial risk, a characteristic shared far less by those who are not holding on to any form of digital assets. Such a contrast underlines how participation in crypto markets is increasingly marked by a concentration in which individuals are willing to accept significant uncertainty.

The FCA's research shows this divergence in risk appetite is key to interpreting current trends in ownership. With the persistence of wider economic pressures and market volatility, crypto participation seems to be self-selecting toward those consumers who have stronger risk tolerance and higher conviction.

Consumer purchasing behavior has also evolved. The use of credit cards to acquire crypto assets remains relatively limited, with less than one in ten holders reporting purchases made using credit. Most participants indicated they used their own funds rather than borrowed money to invest, reflecting a more restrained approach to exposure in a volatile asset class.

Notably, outside of traditional cryptocurrencies, the awareness of stablecoins is growing among UK crypto holders. Over half of current owners reported familiarity with stablecoins, a sign that digital assets designed to keep stable value are gaining more and more recognition. Even as more people know about it, the active usage is way more contained, which suggests that many consumers remain onlookers rather than adopters at scale.

Engagement in crypto-related activities like lending, borrowing, and staking remains low. Only a small percentage of crypto owners reported engaging in these activities during the past year. As the FCA's data illustrates, these more sophisticated uses are currently focused among experienced users, rather than those entering the market for the first time.

It does, however, recognize that bad experiences continue to be part of the crypto world: though some bad outcomes are not precisely quantified, the FCA confirms that some consumers have indeed suffered losses or been exposed to misleading information. These findings strengthen long-standing warnings that crypto assets are high-risk investments, and consumers should be prepared to lose all the money they invest.

The FCA's 2025 findings paint a picture of a UK crypto market that is consolidating rather than contracting. Participation is falling away at the margins but those who remain are more financially committed, more risk-tolerant, and more engaged with a wider array of crypto-related notions. The data suggest a sharp move away from mass experimentation toward a more defined user base.

The research underlines the need for clear risk communication and informed decision-making. Crypto assets remain a prominent feature of the financial conversation, but FCA's latest survey suggests that, for many UK consumers, caution now outweighs curiosity.