A recent survey conducted by Hong Kong-based TechFlow has shed light on the preferences and behaviors of Chinese-speaking cryptocurrency users. The study, which included over 2,000 respondents, reveals that Binance holds a commanding position in the Chinese crypto market, with an overwhelming 96.72% of participants using the exchange and 63.15% keeping their main assets on the platform.
The survey also highlighted the importance of social media in the Chinese crypto ecosystem. X (formerly Twitter) emerged as the primary source of information for investment decisions, with 87.17% of respondents relying on the platform. Crypto-specific media outlets ranked second at 69.88%, while popular messaging apps WeChat and Telegram were used by less than half of the participants.
Interestingly, the study uncovered some unique aspects of the Chinese crypto community. Nearly half of the respondents (49.41%) held more than half of their assets in cryptocurrencies, with Bitcoin, Ethereum, Solana, BNB, and Pepe being the most profitable coins. The survey also revealed that a significant portion of investors (40.04%) engaged in metaphysical practices, such as praying to the God of Wealth, highlighting the cultural nuances within the community.
Despite the ban on cryptocurrencies in mainland China, the market remains active. Users can trade on exchanges and place up to $50,000 per year on Hong Kong-based platforms. According to Chainalysis data cited by Reuters, the Chinese crypto market saw $86.4 billion in raw transactions between July 2022 and June 2023, underscoring the resilience and adaptability of the Chinese crypto community in the face of regulatory challenges.
