A recent survey conducted by the on-chain analytics platform CryptoQuant has revealed key trends in demographics and digital asset exchange preferences for crypto users in 2024.

According to a report shared with CryptoPotato, CryptoQuant carried out the survey between November and December 2024. There were 1,478 respondents, all residing in Asia, Europe, North America, South America, Africa, the Middle East, and Oceania.

Key Trends for Crypto Users in 2024

The majority of the respondents reside in Asia (40%), Europe (29%), and North America (10%). The survey asked 35 questions about user demographics, investing behavior, and crypto exchange preferences.

Around 60% of the survey respondents were aged between 25 and 44, and 89% were male, indicating that the crypto industry mainly comprises young men. Roughly 50% hold a Bachelor’s degree, so the surveyees are considered a generally educated audience.

Also, 62% of the respondents have been in the crypto space for over three years, reflecting an experienced user base. While a third of the surveyees revealed that they trade cryptocurrencies full-time, around half of them said they invest less than $10,000 per year. This indicates that retail investors dominated the survey.

More Spot Than Derivatives Trading

Binance emerged as the most preferred crypto exchange across most regions, while Coinbase dominated only in North America. Around 53% of respondents highlighted Binance as their most frequently used exchange, 48% said they hold most of their assets on the platform, while 50% acknowledged the entity as the venue they have obtained most of their profits from. The next most preferred exchanges were Bybit and Coinbase.

Furthermore, the survey found that Bybit, OKX, Bitget, and Binance had a higher percentage of full-time traders, while Crypto.com, Coinbase, and Kraken housed more part-time traders.

“Exchanges with more full-time traders will likely prioritize innovation in trading tools and efficiency to retain their more professional user base, focusing on advanced trading features and lower fees for high volumes,” CryptoQuant stated.

Regarding favored cryptocurrencies, bitcoin (BTC), ether (ETH), and layer-2 assets emerged as the most invested in. The respondents also indicated a rising interest in integrating artificial intelligence into blockchain technology.

Notably, users mainly engage in spot trading and holding on exchanges. Only 19% trade derivatives, and 3% stake their assets or participate in yield farming.

Meanwhile, the respondents said they rely on independent research to make investment decisions, but also on social media and Key Opinion Leaders.