Originally published on: August 19, 2024
In a recent survey conducted by TechFlow in Hong Kong, insights were uncovered about the cryptocurrency preferences and behaviors of Chinese-speaking users. The findings shed light on the dominant position of Binance as the preferred exchange among this demographic, with social media platform X emerging as a key source of information for investment decisions.
**User Demographics and Experience Levels**
The survey revealed interesting demographics among the respondents, with 76.1% being male and a significant portion, 57.4%, falling in the age range of 26 to 35. Users with three to five years of experience in the crypto market were the most prevalent at 34.76%, followed by those with one to three years (30.94%) and five to eight years (21.29%). Only a small percentage, 6.19%, had more than eight years of experience.
**Binance Dominance and Other Preferred Exchanges**
Binance emerged as the clear favorite among Chinese-speaking crypto holders, with a striking 96.72% of respondents using the platform. Additionally, 63.15% indicated that they keep their main assets on Binance. The runner-up was OKX, favored by 83.53% of respondents, followed by Gate.io (39.95%) and Bitget (37.49%).
**X as the Primary Information Source**
One of the standout findings of the survey was the significant role played by social media platform X, which was identified as the primary source of information for 87.17% of Chinese-speaking crypto enthusiasts. This was followed by crypto media at 69.88%, with popular platforms like WeChat and Telegram trailing behind.
**Trading Patterns and Profitable Coins**
Interestingly, over a quarter of respondents identified as “full-time coin speculators,” and nearly half (49.41%) held more than half of their assets in cryptocurrencies. The survey also highlighted notable coins that respondents found most profitable, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and Pepe (PEPE).
**Cryptocurrency Landscape in China**
Despite the ban on cryptocurrencies in China, users have found ways to navigate the restrictions, trading on exchanges in the region and in Hong Kong. Chainalysis data revealed a significant volume of transactions, amounting to $86.4 billion, from July 2022 to June 2023 in the Chinese crypto market.
**Conclusion**
The TechFlow survey, conducted from May 22 to June 30 with 2,053 respondents, provides valuable insights into the cryptocurrency preferences and behaviors of Chinese-speaking users. As Binance continues to dominate the exchange market, platforms like X are playing an increasingly crucial role in shaping investment decisions and providing relevant information to the community.
