Are Institutional Views on Crypto Changing? — Nomura Survey and On-Chain Data Signal “Pre-Adoption Phase” via @cryptoquant_com (Report-#266) A 2026 survey by Nomura Holdings and Laser Digital shows a clear shift in institutional sentiment toward crypto. Positive views rose to 31% (from 25% in 2024), while negative responses fell to 18%, suggesting improving confidence beyond price action. Importantly, 65% of respondents view crypto as a diversification tool, and 79% of those considering investment plan to allocate within three years. Expected allocations are mainly in the 2–5% range, indicating crypto’s positioning as a satellite asset. This trend is supported by the perception of low correlation with traditional assets. Research (NBER, IMF) suggests crypto offers unique risk-return characteristics, making it useful for portfolio diversification, though not a perfect hedge. However, on-chain data indicates that real demand is still developing. The Fund Flow Ratio remains low (around 0.03), showing limited exchange activity despite high prices. This suggests reduced speculative trading and a preference for holding. In essence, institutional participation appears to be in a preparation phase rather than full deployment. The market structure reflects low turnover and supply compression, with long-term holders dominating. Barriers persist, including unclear valuation frameworks, counterparty risk, volatility, and regulation. In Japan, the lack of a domestic spot ETF remains a constraint. Still, momentum is building. Interest in staking, lending, and tokenized assets is expanding, alongside stablecoin use for treasury and payments. The market is entering a “pre-adoption” phase. Institutions are preparing, not deciding. Once infrastructure aligns, even a small allocation could reshape the market. https://t.co/es2uldtha4—-Nomura-Survey-and-On-Chain-Data-Signal-“Pre-Adoption-Phase”