The latest research on crypto market sentiment released by CryptoNinjas proves that global interest in crypto is shifting from historically affluent economies to emerging markets where bullish sentiment is booming.
According to the 2025 Global Crypto Market Sentiment Study, seven of the top ten most bullish countries toward cryptocurrency in 2025 were emerging markets in Southeast Asia, the Middle East, and Latin America, rather than wealthy Western nations, highlighting a dramatic change in where enthusiasm for digital assets is strongest.
At the top of the sentiment rankings are the United States and India, which continue to drive global crypto optimism, but the composition of the top ten chart clearly shows that, though U.S. contributes the sector development with strong institutions, large investors, and advanced crypto companies, crypto adoption growth is increasingly led by high-growth regions with emerging economies. Countries such as Indonesia, Vietnam, Brazil, Turkey, the Philippines, and Thailand appear among the most crypto-bullish markets today, together accounting for the majority of sentiment leaders.
This trend marks a departure from the earlier dominance of wealthy Western economies, where crypto sentiment has flattened or even declined. Notably, traditionally affluent nations like Canada, Australia, the United Kingdom, Japan, and South Korea no longer make it to the top ten, suggesting that established financial systems may be less correlated with positive crypto sentiment than emerging economies where financial innovation often fills gaps left by traditional banking infrastructure.
India’s role in the global sentiment landscape is particularly striking. In 2024, India had an estimated 93 million crypto owners, and although the ownership percentage slightly dipped from 8.3% to 8.2% in 2025, the total number of holders surged to approximately 119 million users — a clear reminder that sheer user engagement can outpace percentage-based metrics in absolute terms. Meanwhile, the United States maintained a leading ownership percentage of 15.5% with over 53 million crypto holders, reflecting a different model of crypto leadership rooted in institutional investment and market infrastructure.
These two countries exemplify how varied paths to crypto adoption can both yield strong sentiment: India’s momentum is driven by everyday users and retail participation, while the U.S. remains a hub for capital inflows, innovation, and institutional involvement. This dual-leader dynamic underscores that bullish sentiment is not a monolith but rather a composite of diverse motivations and market conditions.
The study also reveals that Southeast Asia is a particularly vibrant crypto region, with five of the top ten crypto-bullish markets located there. Socioeconomic factors, such as limited access to traditional financial services, the practical use of crypto for cross-border payments, and hedging against currency volatility, likely contribute to this regional enthusiasm. These use cases show that crypto adoption in emerging markets often reflects real economic needs rather than purely speculative interest. Besides, as another recent study has shown, robust crypto activity in the region has also lately been driven by large transfers typical for institutions and professional investors. Notably, Eastern Asia had the largest share of professional-sized transfers compared to any other region analysed in the given 2023-2024 report.
To calculate the sentiment index, the study combined social metrics (25%), market activity metrics (40%), and adoption data (35%), offering a blended view of how populations feel about and interact with cryptocurrency across countries. This multifaceted approach allows researchers to capture not just raw ownership or trading figures but also engagement and sentiment within digital communities and markets.
Looking ahead, the study suggests that the crypto sentiment landscape in 2026 will remain strong in emerging regions, particularly across Southeast Asia and Latin America, while developed economies with favorable regulation and advanced infrastructure, such as the United States and Singapore, will continue to play pivotal support roles in the broader global ecosystem.
