Retail investors are sitting on the sidelines despite the price of bitcoin climbing almost 40% this month.
Bitcoin is up almost 40% since the beginning of the month and new year, but retail traders are still sitting on the sidelines, according to Mizuho. That's according to a survey it conducted of Coinbase customers, and it could lead to big declines in the crypto exchange's share price, the firm said in a note Tuesday. Mizuho polled more than 170 Coinbase retail customers and asked about their trading behavior in December and January.
" Mizuho reiterated its underperform rating on Coinbase and said it sees potential downside of about 45% for the shares. The firm's survey also showed that nearly 90% of traders who were inactive in December – the month following the collapse of FTX , which rocked the confidence of retail and institutional, new and seasoned crypto investors alike – have remained inactive in January.
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