Fewer people in the United Kingdom are holding crypto in 2025 compared with last year, although the average value held per investor has increased, according to a new report from the Financial Conduct Authority (FCA).

The number of crypto holders in the U.K. has declined from approximately 7 million in 2024 to around 4.5 million this year. Despite the drop in ownership, overall awareness of crypto among the U.K. population remains high at 91%, the FCA said in its Cryptoassets Consumer Research 2025 report.

The regulator noted that the share of U.K. adults currently holding cryptoassets has fallen from 12% in 2024 to 8% in 2025. These findings were released as the FCA simultaneously launched a consultation on proposed crypto rules under a new regulatory framework, as it moves to expand oversight of the sector.

Despite the decline in participation, the FCA emphasized that crypto ownership in the U.K. is still double the level reported in 2021. Moreover, investors who remain active in the market appear to be holding larger amounts. Around 21% of respondents said they hold crypto worth between £1,001 and £5,000.

The average value held per investor has risen to just under $2,500, up from approximately $2,300 last year. According to an October report by the Financial Times, the total value of crypto held by U.K. residents stands at about $17.3 billion.

Bitcoin and ether continue to be the most popular cryptoassets among U.K. investors. Around 70% of crypto holders own bitcoin, while roughly 35% hold ether, indicating that despite declining participation, investment remains heavily concentrated in the two largest digital assets.