This guide shares the results of the “Global Crypto Market Sentiment Study”, which looks at how people across different countries felt about crypto in 2025. The purpose of this study is to understand which countries showed the strongest positive attitude toward crypto and how global interest is changing.
Key Findings: Global Crypto Sentiment Trends in 2025
- Emerging markets dominate bullish sentiment: 7 out of the top 10 most bullish countries are emerging markets, including India, Brazil, Indonesia, Vietnam, Turkey, the Philippines, and Thailand.
- Crypto sentiment is no longer West-centric: Southeast Asia holds 5 out of the top 10 spots, with Indonesia, Vietnam, Singapore, the Philippines, and Thailand.
- The US and India compete for leadership: These two countries remain the most influential and continue to shape global crypto trends.
- Traditional wealthy markets are falling behind: Canada, Australia, the UK, Japan, and Korea are no longer in the top 10, showing a clear shift in global crypto interest.
Key Finding Details
Top 10 Most Bullish Countries for Crypto in 2025
The United States and India remain the most bullish countries, but the middle of the pack is almost entirely dominated by high-growth regions. You see, while the United States still holds the top position, most countries in the list come from Asia, the Middle East, and Latin America. Countries like Indonesia, Vietnam, and the Philippines appear because of strong user activity and growing interest in digital finance.
The following image shows the top 10 countries that remained the most bullish toward crypto in 2025:
Why Emerging Markets Are Driving the Next Phase of Crypto Adoption
Emerging markets now make up 7 out of the top 10 most bullish countries. This includes India, Brazil, Indonesia, Vietnam, Turkey, the Philippines, and Thailand.
This shows that crypto growth is no longer led only by rich Western countries. In many of these emerging markets, people use crypto for real needs, not just investment. Well, the most common reasons include sending money across borders, saving against weak local currencies, and using digital payments.
Many users in these countries also do not have full access to traditional banking, so crypto becomes a practical option. This trend suggests that emerging markets are playing a key role in shaping the future of global crypto adoption.
United States vs India: Competing Models of Crypto Leadership
India continues to be one of the strongest crypto markets in the world. It has stayed in the top rankings for both 2024 and 2025, showing stable and long-term interest.
In 2024, crypto ownership in India stood at 8.3%, with around 93M people holding cryptocurrencies. And again, in 2025, crypto ownership slightly decreased to 8.2%, but the total number of crypto owners increased to about 118M users.
In 2024, India held the #1 spot in the overall index, with the US right behind it. By the end of 2025, the United States reclaimed the top position, but the margin remains incredibly thin.
| Crypto Ownership (%) | Number of Crypto Owners | Overall Ranking | ||
| 2024 | India | 8.3% | 93,537,015 | No. 1 |
| United States | 15.5% | 52,888,108 | No. 2 | |
| 2025 | India | 8.2% | 118,968,644 | No. 2 |
| United States | 15.5% | 53,537,080 | No. 1 |
The United States leads mainly because of strong institutions, large investors, and advanced crypto companies, whereas India leads because of high user numbers, strong community interest, and retail participation. Together, these two countries represent two different sides of crypto growth, as one side is driven by big companies and capital, while the other is driven by everyday users.
Traditional Wealthy Markets Are Falling Behind
Several historically affluent economies, including Canada, Australia, the United Kingdom, Japan, and South Korea, fall outside the global top ten for bullish crypto sentiment in 2025. This trend indicates that economic maturity and national wealth no longer guarantee strong crypto optimism, particularly in markets where financial systems are already stable and innovation incentives are weaker.
Methodology: How the Global Crypto Sentiment Index Was Calculated
This study uses 2025 data and follows a simple scoring system to measure crypto sentiment across countries. The main focus is on sentiment, which makes up 100% of the final index. Now, within this, social metrics contribute 25%, based on online discussions and interest.
Next, market data makes up 40% of the score and includes trading activity and user engagement. The adoption index contributes 35%, using data such as crypto ownership rates and estimated user numbers. Hence, by combining these three factors, the study gives a clear picture of how people feel about crypto and how actively they use it.
Future Improvements for the Global Crypto Sentiment Study
We’re always looking to make this study better. So, for future editions, we plan to expand the number of countries we cover to include even more underrepresented regions, particularly in Africa and Latin America, where we know adoption is bubbling under the surface.
We also want to introduce new evaluation criteria to the framework, moving beyond our current three pillars to look at things like regulatory clarity and developer activity. Lastly, we want to start comparing sentiment across different time periods and analyze how people react to specific market milestones or quarterly shifts rather than just taking a single snapshot once a year.
Crypto Sentiment Outlook for 2026
Based on patterns seen in 2025 data, crypto sentiment in 2026 is likely to stay strong in emerging markets. You will see countries in Southeast Asia and Latin America continue to show growing interest, mainly because of real use cases like payments, savings, and digital work. These regions also have high mobile usage and young populations, so it helps crypto spread faster.
Now, at the same time, developed markets like the United States and Singapore are expected to stay important because of regulation, infrastructure, and investment. So, instead of replacing emerging markets, these countries will likely support the global crypto system. Overall, the data suggests that crypto growth in 2026 will be more balanced across different regions, rather than controlled by only rich Western countries.
Conclusion
The 2025 Global Crypto Sentiment Study clearly shows that emerging markets now lead global crypto interest. The dominance of emerging markets, led by India and the “Southeast Asia 5”, highlights a shift toward a more inclusive and globalized sentiment. Meanwhile, traditional wealthy markets like the UK and Japan are falling behind in terms of pure bullishness.
Hence, the results highlight a major shift in global crypto adoption, where growth is powered by real user needs and everyday use, not just by established financial markets.
Source: https://www.cryptoninjas.net/crypto/global-crypto-sentiment-study-top-10-bullish-countries/
