A recent study executed by the on-chain analytics platform CryptoQuant has uncovered significant patterns in demographics and cryptocurrency exchange inclinations for digital asset users in 2024.
As per a report disseminated with CryptoPotato, CryptoQuant conducted the research between November and December 2024. There were 1,478 participants, all hailing from Asia, Europe, North America, South America, Africa, the Middle East, and Oceania.
Significant Trends for Crypto Users in 2024
The majority of participants are located in Asia (40%), Europe (29%), and North America (10%). The survey posed 35 inquiries regarding user demographics, investment habits, and cryptocurrency exchange choices.
Approximately 60% of the survey participants were aged between 25 and 44, and 89% were male, indicating that the cryptocurrency industry predominantly consists of younger males. Roughly 50% possess a Bachelor’s degree, rendering the respondents a generally knowledgeable audience.
Moreover, 62% of respondents have been involved in the cryptocurrency sector for over three years, indicating a knowledgeable user demographic. While one-third of the participants disclosed they trade cryptocurrencies full-time, about half admitted to investing under $10,000 each year. This suggests that retail investors were the majority in the survey.
Preference for Spot Trading Over Derivatives
Binance has been identified as the most favored cryptocurrency exchange across the majority of regions, while Coinbase was the leader only in North America. Approximately 53% of respondents pointed out Binance as their most commonly used exchange, 48% indicated that they hold the bulk of their assets on the platform, and 50% acknowledged it as the platform from which they generated the most profits. The next most favored exchanges were Bybit and Coinbase.
Additionally, the survey revealed that Bybit, OKX, Bitget, and Binance had a larger percentage of full-time traders, while , Coinbase, and Kraken attracted more part-time traders.
“Exchanges with a greater number of full-time traders will probably focus on innovation in trading tools and operational efficiency to keep their more professional user base, emphasizing advanced trading functionalities and reduced fees for substantial volumes,” stated CryptoQuant.
In terms of preferred, bitcoin (BTC), ether (ETH), and layer-2 assets appeared as the most heavily invested in. Participants also expressed an increasing interest in incorporating artificial intelligence into blockchain technology.
Remarkably, users primarily participate in spot trading and holding assets on exchanges. Only 19% engage in derivatives trading, and 3% stake their assets or take part in yield farming.
Meanwhile, the participants noted that they depend on independent research for making investment decisions, but also utilize social media and Key Opinion Leaders.
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