Binance dominates among Chinese crypto users, X provides guidance
Release: 2024/08/20 02:09 Reading: 931
Chinese Cryptocurrency Market Insights
According to a comprehensive survey conducted by TechFlow, a Hong Kong-based publication, Binance is the preferred cryptocurrency exchange for Chinese speakers. Social media platform X serves as the primary source of information for traders' investment decisions.
Demographic Profile of Respondents
- 76.1% male
- 57.4% aged between 26 and 35
- 26.06% younger than 25
- 0.45% over 55
- 34.76% with 3-5 years of crypto experience
- 30.94% with 1-3 years of experience
- 21.29% with 5-8 years of experience
- 6.19% with over 8 years of experience
Binance Dominates Chinese Crypto Market
Binance commands a significant market share among Chinese-speaking crypto holders. The survey revealed that:
- 96.72% of respondents use Binance
- 63.15% hold their primary assets on Binance
OKX (83.53%), Gate.io (39.95%), and Bitget (37.49%) were the other notable exchanges, although with significantly lower usage and asset holding rates.
Influx of Information on Chinese Crypto Community
Social media platform X is the primary source of information for Chinese-speaking crypto traders, with 87.17% relying on it. Crypto media (69.88%), followed by WeChat and Telegram, provide additional information sources.
Chinese Crypto Market Trends
- Over a quarter of respondents engage in full-time crypto speculation.
- Nearly half (49.41%) hold over half of their assets in cryptocurrency.
- Bitcoin (BTC), Ether (ETH), Solana (SOL), BNB (BNB), and Pepe (PEPE) are the most profitable coins for respondents.
- A significant portion of respondents (40.04%) engage in metaphysical practices, such as praying to the God of Wealth, for financial success.
China's Ban and Market Resilience
Despite China's ban on cryptocurrencies, traders continue to use exchanges within the country, with annual transaction volumes estimated at $86.4 billion.
Research Methodology
The TechFlow survey was conducted from May 22 to June 30, 2023, and yielded 2,053 responses.
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