Young, highly educated, and predominantly male individuals are the primary drivers of cryptocurrency investment, as revealed by a recent survey conducted by CryptoQuant, a leading on-chain analytics firm.
The “2024 Crypto Survey: Exchange Use and Investor Behaviour” outlines the demographics, preferences, and behaviours of crypto investors, offering key insights into the current state of the industry.
The survey reveals that more than 60% of cryptocurrency investors fall within the age range of 25 to 44, with 35% in the 25-34 group and 26% in the 35-44 group.
This shows a youthful demographic with a strong interest in digital assets.
The majority of these investors are well-educated, with 50% holding a bachelor's degree and 28% possessing advanced degrees.
Source: CryptoQuant Research
The findings also shine a light on the gender imbalance within the crypto space, as 89% of respondents identified as male, while only 11% were female.
This stark gender divide continues to reflect a trend that has persisted in cryptocurrency, though there has been growing interest from women in recent years.
A closer look at investment habits reveals that most participants are retail investors, with many spending less than $10,000 annually on cryptocurrency.
This is indicative of a broader trend where retail investors continue to make up the majority of the market, despite the influx of institutional players in recent years.
Regionally, Asia leads the way, with 40% of respondents hailing from the continent.
Europe follows closely behind at 29%, while North America accounts for just 10% of the total.
This suggests that the largest crypto markets remain concentrated in Asia, with Europe also showing strong participation.
When it comes to making investment choices, 22% of participants trust their own research, while 16% look to social media influencers and key opinion leaders for guidance.
Despite the rise of social media and online communities, traditional channels such as friends and media outlets have less influence on investor decisions.
In terms of trading preferences, spot trading continues to dominate, with 76% of investors prioritising it over other trading options like derivatives or staking.
Only 28% of respondents use staking or yield farming products to generate passive income from their investments.
Source: CryptoQuant Research
This trend suggests that investors remain focused on straightforward asset purchases rather than more complex strategies.
Among cryptocurrency exchanges, Binance continues to lead in popularity, with 53% of participants naming it as their primary platform.
Additionally, 51% of users reported that their largest profits came from trading on Binance, while 48% hold the majority of their crypto assets on the exchange.
Source: CryptoQuant Research
Other platforms like Bybit, OKX, and Bitget are favoured by full-time traders, whereas part-time traders tend to prefer Coinbase and Kraken.
Binance’s dominance is particularly evident in Asia, Africa, and South America, where its usage rate exceeds 50%.
On the other hand, Coinbase leads in North America, where 45% of respondents use it as their primary exchange.
These regional preferences reflect differing market conditions and regulatory landscapes in each area.
Source: CryptoQuant Research
As regulatory scrutiny continues to increase across the global cryptocurrency market, 83% of survey participants stated they are mindful of exchanges with regulatory issues.
Binance is seen as the most compliant by 32% of respondents, while Coinbase is regarded as the second most compliant at 14%.
This highlights the growing importance of regulatory adherence in shaping investor choices.
Bitcoin continues to reign as the preferred cryptocurrency for most investors, followed by Ethereum and layer-2 scaling solutions.
The report highlights that 18% of participants see Bitcoin as the top choice for profit generation, followed by Ethereum, Solana, and XRP.
Source: CryptoQuant Research
This preference for well-known, stable cryptocurrencies reflects a high level of investor confidence in these major projects, while minimizing risk from lesser-known tokens.
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