Crypto investors still active in China, many allocating over $100k: Bitget

China exhibited the highest level of crypto investment engagement among 20 surveyed countries, according to Bitget


Memory Stockphoto/Shutterstock, modified by Blockworks


Despite an on-again-off-again de facto ban imposed by Beijing, individuals in China continue to deal with cryptocurrencies.

A recent study conducted by crypto derivatives exchange Bitget across 20 countries found that China displayed the highest level of engagement with cryptocurrencies. 

Conducted from May 2023 to Aug. 2023, the research engaged over 1,500 participants from countries including Europe, China, Japan, South Korea and Turkey.

The report published on Thursday revealed that 18% of investors based in China allocated funds ranging from $50,000 to $100,000, while an additional 19% invested amounts between $100,000 and $500,000 in cryptoassets.

This insight into their trading activity backs the notion that some portion of China’s population is ignoring Beijing’s ban imposed in Sept. 2021.

China effectively said no to crypto transactions, committed to eliminate digital asset mining and labeled services from offshore exchanges as illicit financial activity. 

Despite all that, some traders found ways to keep trading using over-the-counter platforms and offshore exchanges.

Nonetheless, the crypto trading ban has had a significant impact. 

In a recent report, Chainalysis pointed out that East Asia has seen a notable decline in crypto activity, with diminished trading volumes observed in both Hong Kong and China when comparing data from 2021 and 2022.

The report underscored a substantial reduction in crypto transaction volume in China.

From July 2022 to June 2023, China reported a total of $86.4 billion in crypto transaction volumes, far lower than the nearly $225 billion recorded during the same period in the previous year.

Contrasting investment habits across surveyed countries

In contrast to China, users in Europe, Turkey, and South Korea demonstrate relatively lower levels of engagement in terms of the amounts they invest.

Bitget’s findings indicate that 51% of European users, 49% of Turkish users, and 46% of South Korean users allocated their investments within the range of $1,000 to $10,000.

The study also found that gender plays a role in financial goals. In South Korea, 49% of female users and in Japan, 41% of female users invest in crypto to improve their financial situation, compared to 45% and 30% for males, respectively. 

Additionally, around 27% of female investors in Turkey and the US were found to use crypto to fund their children’s education.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million