A new survey from HSBC reveals that high-net-worth individuals in Asia are holding onto their existing cryptocurrency positions but are channeling fresh capital into traditional safe havens such as gold, bank deposits, and other alternative investments. The shift is evident in record-breaking gold demand and sustained outflows from digital asset funds.
HSBC’s Global Affluent Investor Snapshot 2026 notes that “investors are putting the core of their portfolios first, balancing protection and growth, and diversifying with intent.” While crypto holdings remain stable, allocations to gold and fixed deposits are expected to rise in the coming year. Cash is being treated as dry powder for future opportunities rather than a broad retreat from risk.
According to the World Gold Council, gold demand reached 1,231 tonnes in the first quarter of 2026, up 2% year-on-year. The total value of that demand soared to an unprecedented $193 billion, fueled by a 42% jump in coin and bar purchases—largely from Asian buyers. Central banks also added 244 tonnes on a net basis, up 3% from the same period a year earlier.
On the crypto side, CoinShares data shows that digital asset investment products bled $1.67 billion in the last week of May, the third consecutive week of outflows and the second-highest weekly outflow this year. Over three weeks, total withdrawals hit $4.21 billion, with Bitcoin products losing $1.438 billion and Ether products $257 million. Assets under management fell to $141 billion, their lowest since early April.
CoinShares analyst James Butterfill attributed the outflows to geopolitical tensions in Iran, which outweighed positive crypto legislative news in the U.S. Meanwhile, gold prices repeatedly hit record highs, and the LBMA gold price posted its best quarterly average ever. The World Gold Council expects geopolitical uncertainty and sticky inflation to keep demand for physical gold elevated throughout 2026.
The data paints a picture of risk rotation rather than a wholesale abandonment of crypto. Wealthy Asian investors are staying put with their existing digital assets but opting for defensive allocations when deploying new money, mirroring a broader global trend where gold has reclaimed its status as a primary store of value.
