Institutional investment in cryptocurrency increased in 2022 despite the bear market, according to a recent survey by Fidelity Digital Assets. In particular, the number of large investors betting on Ethereum has doubled in the past two years, Chris Kuiper, head of research at Fidelity Digital Assets, explained in a recent interview with Cointelegraph.

“The percentage of respondents who say they have invested in Ethereum is double what it was two years ago,” Kuiper noted.

Kuiper noted that the attractiveness of Ethereum in the eyes of institutions is likely to increase even more now that after the merger, Ether has become one of the more environmentally friendly and yield-bearing assets.

Overall, according to the same survey, institutional players are hoarding cryptocurrencies despite the crypto bear market. At the end of the second half of 2022, 58% of the institutions surveyed were holding cryptocurrency, up 6% from last year. Moreover, 78% were planning on pointing their fingers towards cryptocurrencies in the future.

The survey shows that the main reason for this is the belief in the long-term upside potential of digital assets.

“They don’t know about some of this crazy volatility and price because they’re looking at it from a very long-term perspective,” Kuiper explained.

For more details on how institutional capital is flowing into crypto, check out the full interview, and don’t forget to subscribe to our channel!