Cryptocurrencies or stocks: where are Russian investors' money actually going?
In the fall of 2025, Bitcoin updated its all-time high, after which the market entered a prolonged correction. Simultaneously, Russia is tightening regulation of digital currencies, while the stock market continues to operate under clear rules and regularly pays dividends. Against this backdrop, retail investors naturally wonder: where is it more profitable to invest—in crypto or in stocks?
As an analyst, I see that there is no consensus among the experts surveyed. Some note a small but noticeable outflow of capital from crypto assets into stocks, while others categorically deny this trend.
Is there a flow?
Alexander Peresichan from TEKHNOBIT notes that some money has indeed flowed. The reason is profit-taking after Bitcoin's peak and fatigue from volatility. Against this backdrop, activity on crypto exchanges has decreased, while the stock market, on the contrary, has attracted investors with transparency and dividends. However, he describes the scale of this flow as insignificant.
Yaroslav Kabakov from Finam holds a different view. He is convinced that there is no massive movement of funds, and these two directions represent fundamentally different investment strategies. Fedor Ivanov from SHARD sees the opposite dynamic: an outflow from stocks into bank savings and consumption. Yan Pinchuk from WhiteBird points to the low fwd P/E multiplier of the Russian market (3.7 versus an average of 6.2), which, in his opinion, completely refutes the hypothesis of an inflow of private funds into stocks.
Risk and return: stocks vs. crypto
In assessing the risk-return ratio, experts are more unanimous. Cryptocurrencies traditionally carry a much higher danger to capital. Roman Nosov from BCS World of Investments reminds that both stocks and crypto are risky assets, but the risks and expected returns of digital coins are an order of magnitude higher.
Yaroslav Kabakov adds that "blue chips" offer predictable returns with significantly lower risk, while crypto retains the potential for both super-profits and instant losses. Fedor Ivanov emphasizes the specific infrastructure risks of crypto that stocks do not have.
Do the instruments compete for the same investor?
Here opinions are divided, but the majority leans toward the theory of different audiences. Alexander Peresichan believes that the users of these products differ greatly. Crypto attracts a young, risk-prone audience that does not want to deal with brokers and tax reporting. Fedor Ivanov insists that cryptocurrencies in general cannot be considered a direct competitor to the securities market, pointing to the incomparability of capitalizations ($2.4 trillion for the crypto market versus trillions of dollars for the US stock market). Yan Pinchuk suggests looking at the issue through the lens of economic cycles: currently, there is no hype in the Russian stock market, while a crypto winter is raging in the crypto industry.
My expert opinion: The thesis of a massive capital outflow from crypto to stocks is not confirmed. Rather, we are observing a redistribution of funds within the portfolios of experienced investors, as well as a shift of some capital into conservative instruments. Crypto and stocks remain different worlds with their own audiences and strategies. As long as there is no clear hype in the Russian stock market and high volatility persists in crypto, these instruments are unlikely to directly compete for the same retail investor.