Written by: TechFlow
Overview
Do you understand the real Chinese crypto users?
Chinese-speaking users have always been the undisputed backbone of the crypto market. Whether contributing active addresses and TVL, providing liquidity in the secondary market, or providing a large number of developers for the public chain ecosystem, Chinese-speaking users have always been active in the crypto front line. Understanding the investment preferences and scale of this group is crucial to grasping market trends, optimizing product services, and improving user experience.
Based on this, TechFlow conducted a questionnaire survey on "Chinese-speaking Users' Crypto Investment Habits" from May 22, 2024 to June 30, 2024. In this survey, the questionnaire was distributed and disseminated through social media platforms, community forums, etc., and a total of 2,107 questionnaires were collected. After data cleaning and screening, 54 invalid questionnaires were eliminated, and finally 2,053 valid questionnaires were obtained. In addition, the information collected in this survey will strictly implement privacy protection measures and will only be used for the purpose of this questionnaire research.
The data analysis of this report is based on 2,053 valid questionnaires, aiming to deeply explore the behavioral characteristics and market demand of Chinese users in crypto investment. The specific analysis content is divided into the following four parts:
Part 1: Overview of the survey population
Part 2: Focus of the Chinese Community Market
Part 3: Chinese-speaking users’ preferences for centralized exchanges
Part 4: Comprehensive and in-depth understanding of investors
The interviewees showed obvious characteristics: mainly male, concentrated in the age group of 26-35 years old, and most of them had a bachelor's degree or above .
In the MBTI personality survey, IN (introverted intuitive) personality accounts for the majority . This type of personality is usually better at discovering trends, innovations and future development directions, and has a stronger strategic vision.
The track that respondents are most optimistic about and most invested in is Bitcoin and its ecosystem, and most respondents are optimistic that the price of Bitcoin will exceed US$100,000 to US$150,000 or more in this cycle .
Spontaneous research and purchase are the most important factors affecting respondents' investment decisions. Twitter (X platform) has become the main way for respondents to obtain crypto market information and Alpha information, followed by various blockchain media .
In a survey on the crypto VCs most recognized by respondents, a16z, Paradigm, and Binance Labs ranked in the top three based on the nominations of the respondents.
In the competition among centralized exchanges in the Chinese-speaking community, Binance has outstanding competitive advantages : in terms of frequently used exchanges, exchanges with the largest cryptocurrency positions, exchanges that make the most money, and exchanges that mainly participate in new listings, Binance topped the list with a share of over 60%. In the question of "most frequently used centralized exchange", an astonishing 96.72% of respondents chose Binance, reflecting Binance's strong influence and user base in the Chinese-speaking cryptocurrency market .
The majority of respondents (69.61%) said that regulatory factors would not affect their preference for a particular exchange, which also means that investors are gradually becoming desensitized to the regulatory actions of various governments .
At a time when metaphysics is prevalent, 40.04% of investors interviewed said they had engaged in metaphysical behaviors such as praying for blessings from the God of Wealth.
Among the interviewees' crypto idols, Bitcoin founder Satoshi Nakamoto, Ethereum founder Vitalik Buterin, SpaceX founder Elon Musk, and Binance founder CZ were the most mentioned figures.
Exchanges are the type of Web3 companies that respondents most want to work for. Most people believe that exchanges bring together high-quality information resources and can expose them to some wealth codes earlier. Among all centralized exchanges, Binance has the highest mention rate and has become the company that respondents most want to work for .
As for whether to “run away after making enough money”, most respondents hold a negative attitude and regard Web3 as a belief. As for the question of “how much money do you need to make to live comfortably”, more than two-thirds of the respondents believe that the total assets need to reach more than 10 million, and A8 is a wealth watershed .
Regarding the crypto assets that benefited the most, Bitcoin, ETH, Solana, BNB, and PEPE were the crypto assets most mentioned by respondents. This also seems to reflect the characteristics of this round of market cycles: there is only Beta, but no Alpha, and a large number of Altcoin cannot outperform mainstream coins .
The questions in this section mainly cover multiple aspects, including the respondent's gender, age, education, time of crypto investment, and personality traits. These questions are designed to fully understand the basic information of users so that we can analyze the data more comprehensively and identify the characteristics of different groups. By collecting and analyzing this basic information, we hope to draw a comprehensive portrait of the respondents, thereby providing strong support for subsequent research and market analysis.
1. Gender distribution of respondents:
In this survey, we conducted a statistical analysis on the gender of the participants. The data showed that male respondents accounted for a considerable proportion, which also indicated that males showed higher participation in this survey.
Specifically: there were 1,562 male respondents, accounting for 76.1%; there were 491 female respondents, accounting for 23.9%.
2. Age distribution of respondents:
In this questionnaire survey, we conducted a detailed statistics on the ages of the respondents. The data showed that the age distribution of Chinese-speaking users in the field of cryptocurrency investment has a clear concentration trend, and the young group showed a higher enthusiasm for participation in this survey.
Specifically, respondents aged 26-35 accounted for the highest proportion, reaching 57.42%, followed by respondents aged 18-25, accounting for 25.11%, and respondents aged 36-45, accounting for 14.19%. It is worth noting that respondents aged 18-45 accounted for 96.72%.
Respondents aged 46-55 accounted for 2.46%, while users aged 55 and above accounted for only 0.45%. This shows that as age increases, users' participation in cryptocurrency investment gradually decreases.
In addition, users under the age of 18 account for only 0.36%. Since these users are still minors, their financial independence and investment capabilities are limited, and therefore their participation in the cryptocurrency market is extremely low.
3. When did the respondents conduct crypto transactions?
In this questionnaire survey, we conducted a detailed statistical analysis of the time respondents spent on crypto trading. The data showed that Chinese-speaking users have a relatively balanced experience distribution in the field of crypto trading, which provides a solid and diverse user base for the crypto market and contributes to the long-term development of the market.
Specifically, respondents with 3-5 years of crypto trading experience accounted for the highest proportion, reaching 34.67%, followed by respondents with 1-3 years of crypto trading experience, accounting for 30.94%, and users with 5-8 years of crypto trading experience accounted for 21.29%. It is worth noting that respondents with 1-8 years of crypto trading experience accounted for 86.9%.
In addition, the proportion of respondents with 0-1 years of crypto trading experience is 6.92%, while the proportion of respondents with more than 8 years of crypto trading experience is 6.19%. This phenomenon of new users entering the market and old users sticking to it reflects the dynamics and vitality of the market.
4. Are the respondents full-time cryptocurrency traders?
In this questionnaire survey, we conducted a detailed statistical analysis of whether the respondents are full-time cryptocurrency traders. The data showed that there are significant differences in the level of participation and investment of Chinese-speaking users in this field.
Specifically, 25.11% of the respondents are full-time cryptocurrency traders, which means that one quarter of the respondents use cryptocurrency investment as their main occupation and source of income.
In addition, the proportion of users who are not full-time cryptocurrency traders is as high as 74.89%, which means that most respondents regard cryptocurrency investment as a side job or hobby rather than a main career direction, and most users regard it as part of their asset allocation.
This difference in participation patterns reflects the diversity and flexibility of the crypto trading market: full-time cryptocurrency traders are able to focus on market changes and adjust their strategies at any time, while part-time users can combine crypto investment with other career development and maintain a certain level of risk control.
5. Is the respondent a crypto industry practitioner?
In this questionnaire survey, we conducted a detailed statistics on whether the respondents are practitioners in the crypto industry. The data showed that the respondents' professional backgrounds in the crypto field were relatively balanced.
Specifically: 49.14% of the respondents are practitioners in the crypto industry, which means that nearly half of the respondents are deeply involved in the crypto industry. The other 50.86% of the respondents are not practitioners in the crypto industry, but more often play the role of investors or enthusiasts, paying attention to investment opportunities and market dynamics of cryptocurrencies.
This balanced distribution of professional backgrounds reflects the diversity and inclusiveness of the crypto market: both practitioners and non-practitioners are contributing to the market's ecosystem in their respective roles.
6. Educational background of the interviewee:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents' educational backgrounds. The data showed that the respondents' educational level was generally high, and most of the respondents had certain professional knowledge and analytical skills.
Specifically: respondents with a bachelor's degree accounted for the vast majority, accounting for 58.60%, respondents with a master's degree accounted for 21.20%, and respondents with a doctoral degree accounted for 1.91% , indicating that a considerable number of respondents have higher academic backgrounds and research capabilities, which provides support for rational decision-making in crypto investment.
In addition, respondents with college degree or below accounted for 17.83%, and respondents with other educational backgrounds accounted for 0.45%. They also brought richer cognitive perspectives to the encryption industry to varying degrees.
7. Respondent’s MBTI:
In this questionnaire survey, we conducted a detailed statistical analysis of the MBTI personality types of the respondents. MBTI is a widely used psychological testing tool that can help people understand their personality traits and behavioral tendencies.
36.76% of the respondents did not know their MBTI type. This shows that although MBTI has a certain popularity in the crypto industry, a considerable number of users have not yet conducted relevant self-assessments.
Among the respondents who knew their MBTI types, INFJ (9.37%), INTJ (8.10%) and INFP (7.83%) accounted for a relatively high proportion. These three types are all introverted intuitive personalities, and are generally considered to have strong innovative thinking, strategic planning and empathy.
In addition, extroverted intuitive personalities such as ENTJ (6.82%), ENTP (5.37%) and ENFJ (5.46%) also account for a large proportion. These three personality types are usually good at leadership, communication and decision-making.
In contrast, the proportion of sensing and judging personalities is relatively low. For example, the proportions of ESFJ (0.91%), ESFP (0.82%), ESTJ (1.27%), ESTP (1.27%), ISFJ (1.00%), and ISTJ (0.82%) are all around 1%.
8. Percentage of respondents’ crypto assets:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents' current crypto asset allocation. The data showed that the respondents' investment proportions in crypto assets showed a relatively balanced distribution, which reflects the respondents' different risk management awareness in the crypto market.
Specifically: 22.29% of the respondents control the proportion of crypto assets between 0%-25%; 28.30% of the respondents control the proportion of crypto assets between 26%-50%; 27.48% of the respondents control the proportion of crypto assets between 51%-75%; 21.93% of the respondents control the proportion of crypto assets between 76%-100%.
The proportions of the four intervals are relatively close, which reflects the different preferences and risk tolerance of different users for cryptocurrency investment. About half of the respondents (50.59%) keep the allocation ratio of crypto assets below 50%, showing their cautious attitude towards risks; while the other half of the respondents (49.41%) set the allocation ratio of crypto assets above 50%, indicating their confidence in the cryptocurrency market and high risk tolerance.
Fast pace has always been a notable feature of the crypto market. 2024 is already halfway through, and we have witnessed the rise of multiple popular narratives such as inscriptions, artificial intelligence (AI), MEME, BTCFi, etc. The market environment is changing rapidly, and investors' focus is constantly shifting. In-depth understanding of multiple dimensions of information such as the tracks that users care about, the ways to obtain information, and market confidence can not only provide us with valuable market insights, but also help us make more forward-looking predictions from the user's perspective, so as to respond to user demands more efficiently.
1. Tracks that respondents are interested in:
In this questionnaire survey, we conducted a detailed statistics of the crypto tracks that respondents are currently paying attention to. This question is a multiple-choice question. Each respondent needs to select three options of interest. The proportion of each option is as follows:
In general, Bitcoin and its ecosystem are the most promising, with 65.24% of respondents choosing this option. The popularity of the Bitcoin ecosystem is also obvious to all. With the promotion of full-name inscriptions, the continuous development of Bitcoin Layer 2 solutions and the rise of BTCFi, the Bitcoin ecosystem is undergoing rapid and profound changes, attracting the attention of a large number of investors and developers.
There is not much difference between the 2nd to 5th places, which are Ethereum and its ecosystem (L2, LSD, etc.), MEME, Solana and its ecosystem and AI concept.
2. Factors that influence respondents’ investment decisions:
In this questionnaire survey, we conducted a detailed statistical analysis of the factors that currently affect the investment decisions of respondents. This question is a multiple-choice question, and each respondent can freely choose multiple options. The proportion of each option is as follows:
In general, spontaneous research and purchase is the most important factor affecting the investment decisions of respondents, with 77.71% of respondents choosing this option. Against the background of the continuous diversification of information channels, investors can conduct more in-depth research on the fundamentals and technical details of projects, thereby making more rational investment choices.
Secondly, the ecological support of leading exchanges also accounts for a large proportion. Leading exchanges usually have rich industry resources and a broad user base. Investors value the exposure opportunities and resource feedback that exchanges provide for new projects.
In addition, recommendations from friends or group members, KOL recommendations, and VC endorsements ranked third, fourth, and fifth in influence respectively.
3. Respondents’ predictions for Bitcoin prices in this cycle:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents' expectations for the highest price of Bitcoin in this cycle. The data showed that there is a clear trend of concentration in the respondents' expectations for Bitcoin prices.
Specifically: 59.51% of respondents believe that the highest price of Bitcoin in this cycle will be between $100,000 and $150,000, which shows that most people are relatively optimistic but cautious about the future trend of Bitcoin; 22.20% of respondents believe that the highest price of Bitcoin will be lower than $100,000. These respondents may hold a more conservative view of market risks and volatility.
In addition, 12.37% of respondents believe that the maximum price of Bitcoin will be between US$150,000 and US$200,000, and 5.91% of respondents believe that the maximum price of Bitcoin will exceed US$200,000. These respondents are more optimistic about the future growth of Bitcoin and believe that Bitcoin has the potential to reach a historical high in this cycle.
4. Respondents’ channels for obtaining crypto market information and Alpha information:
In this questionnaire survey, we conducted a detailed statistical analysis of the ways in which current respondents obtain information on the crypto market and Alpha information. This question is a multiple-choice question, and each respondent can freely select multiple options. The proportion of each option is as follows:
In general, Twitter (X platform) is the main way for respondents to obtain crypto market information and Alpha information, with 87.17% of respondents choosing this option, followed by blockchain media apps and web pages, which also account for a large proportion.
In addition, community-based channels such as WeChat groups, Telegram communities, and Discord communities also occupy important positions, ranking third, fourth, and fifth respectively.
5. The most recognized crypto VC by the respondents:
In this questionnaire survey, we collected data on the crypto VCs that the current respondents most recognized/least recognized. This question is optional, and interested respondents can fill it out and submit it. Based on the frequency of mentions of each VC in the feedback, we made a word cloud display. The crypto VC most recognized by the respondents - word cloud display:
According to the word cloud display, we can observe that old-line crypto VCs such as a16z, Paradigm, Binance Labs, and Coinbase Ventures are mentioned more frequently.
6. The Chinese crypto KOL most recognized by the respondents:
In this questionnaire survey, we collected data on the crypto KOLs that are most recognized by the current respondents. This question is not mandatory and interested respondents can fill it out and submit it. Based on the frequency of mentions of each KOL in the feedback, we created a word cloud display.
The most recognized crypto KOLs by respondents - word cloud display:
Respondents believe that the main reasons for “anti-KOLs” are:
It is undeniable that recognition/disrecognition is more of a subjective tendency, and the survey results are also affected by the communication channels. Everyone has their own standards, so just smile.
7. The cryptocurrency that respondents have gained the most benefits from:
In this questionnaire survey, we collected data on the cryptocurrencies that have brought the greatest benefits to the current respondents. This question is optional and interested respondents can fill it out and submit it. Based on the frequency of mention of each cryptocurrency in the feedback, we made a word cloud display.
According to the results obtained, Bitcoin, ETH, Solana, BNB, and PEPE are the crypto assets most mentioned by respondents, which also reflects the hot spots of this round of market cycles. A large number of Altcoin are not performing as well as mainstream coins.
The cryptocurrency that has gained the most benefits among respondents - word cloud display:
As the main battlefield for transactions, exchanges have always played a vital role in the crypto market. In particular, centralized exchanges (CEX) have become the primary entry point for most users to enter the crypto market due to their user-friendly interface and high liquidity. Understanding users' usage preferences, service feedback, and functional demands for centralized exchanges can better identify the pain points and needs encountered by users during transactions, and continuously promote the construction of more comprehensive, efficient, and secure trading services.
1. Centralized exchanges that respondents use more frequently:
In this questionnaire survey, we conducted a detailed statistics on the centralized exchanges that respondents used more frequently. This question is a multiple-choice question. Each respondent needs to select three centralized exchange options. The proportion of each option is as follows:
In general, Binance is the most frequently used centralized exchange among the respondents, with an astonishing 96.72% of respondents choosing this option. This reflects Binance's strong influence and user base in the Chinese-speaking crypto market. As one of the world's largest digital asset trading platforms, Binance provides a rich range of trading pairs, low fees, and a variety of financial products, and is considered the preferred platform for investors to enter and participate in the crypto market.
Closely following is OKX. Although the number of respondents who chose OKX was 13.19% lower than Binance, it still reached 83.53%, making it one of the exchanges most chosen by Chinese community users.
In addition to the two major exchanges, Gate.io and Bitget also performed well compared to other exchanges.
2. On which exchange do respondents store their largest crypto asset positions?
In this questionnaire survey, we conducted a detailed statistical analysis of which exchange the respondents stored their largest crypto asset positions on. This selection was intended to understand the respondents' trust in the security of the exchange and their market recognition. The data statistics also showed a clear concentration trend.
Specifically, Binance performed the best, with 63.15% of respondents storing their largest positions there, which shows that Binance has a very high market share and trust among users and has accumulated a considerable number of loyal users.
Secondly, OKX is also the exchange chosen by many respondents, with 25.30% of the respondents storing their largest positions there.
In addition, other exchanges such as Gate.io , Bitget, Bybit, etc. account for a relatively small proportion of users, but still have their specific user groups.
3. Exchanges where respondents made the most money:
In this questionnaire survey, we conducted a detailed statistics on the exchanges where respondents made the most money. This option aims to understand the profitability that exchanges have brought to respondents. The data also showed a clear concentration trend.
Specifically, Binance is the exchange where respondents make the most money, with 60.69% of respondents earning the highest returns here, indicating that Binance not only dominates in market share, but also provides users with significant profit opportunities.
OKX ranked second, with 24.11% of respondents receiving the highest returns. Other exchanges performed relatively poorly in terms of user returns: Gate.io , Bitget, Bybit, HTX, Kucoin and Mexc accounted for a relatively low proportion, at 4.91%, 3.91%, 1.00%, 1.46%, 0.36% and 0.55% respectively.
4. The main operations of the respondents in the exchange:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents’ main operations on the exchange. Specifically:
The option of "only doing spot trading, not touching contracts" accounts for 44.40%, which shows that nearly half of users prefer a stable investment strategy, focusing on the spot market and avoiding high-risk derivatives transactions.
The option of "mainly doing spot trading, with a small number of contracts" accounts for 38.49%, which shows that there is still a large number of users who hope to obtain additional income through contract trading on the basis of maintaining stable investment.
The option of "mostly contracts, a small part of spot" accounts for 10.28%, preferring a high-risk and high-return trading model.
The option of "rarely trading, preferring stable returns such as financial management and new stock issuance" accounted for 6.82%, and was more inclined to conservative investment strategies.
Overall, spot trading is still the main operation mode for most users, accounting for more than 80% (including the first two options), which shows that a considerable number of users pay more attention to stable returns and are less involved in high-risk contract transactions.
5. Do the respondents use crypto financial services provided by centralized exchanges?
In this questionnaire survey, we conducted a detailed statistical analysis of whether the respondents used the crypto financial management services provided by centralized exchanges. Specifically:
47.95% of the respondents chose: No, I don’t care about this little bit of income. This shows that nearly half of the respondents believe that the exchange’s financial services income is not enough to attract them to participate.
32.12% of the respondents chose: I don’t know much, but I will pay attention to it in the future. This group of users currently know little about financial services, but they may pay attention to it and try it in the future. Exchanges can attract this group of users by strengthening publicity and education.
19.93% of the respondents said: Yes, they receive a salary every day. These users are already using the exchange’s financial services and earning passive income by receiving daily earnings.
6. Exchange marketing activities in which the respondents participated:
In this questionnaire survey, we conducted a detailed statistics of the exchange marketing activities that the respondents participated in. This question is a multiple-choice question, and each respondent can freely choose multiple options. The proportion of each option is as follows:
Overall, the distribution of exchange marketing activities in which respondents participated was relatively even.
The option of listing coins/new stocks accounted for the highest proportion, with 57.53% of the respondents choosing this option. This reflects that many users pay close attention to emerging projects, are willing to actively participate in newly listed crypto assets and investment opportunities, and hope to gain potential returns by participating in early projects.
Mining and airdrop activities followed closely behind. It is worth mentioning that the data of mining and airdrop activities are very close, with a penetration rate difference of only 0.18%. In addition, registration and referral reward options also have a high proportion, while other exchange marketing methods account for a relatively low proportion.
Some respondents also said that they never participate in any activities, with 16.01% of the respondents choosing this option.
7. Respondents’ participation in new IPOs on exchanges:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents’ participation in IPOs on exchanges:
68.24% of the respondents chose Binance's Launchpad platform. This shows that Binance's Launchpad has an absolute leading position in the issuance of new projects and has become the preferred exchange for most users to participate in new projects.
14.74% of the respondents chose OKX's Jumpstart platform, which is far behind Binance, but still has a slight advantage over other exchanges. Other exchanges each only have a small market share.
8. The interviewees’ preferred exchange listing styles:
In this questionnaire survey, we conducted a detailed statistical analysis of the exchange listing styles that respondents prefer:
36.94% of the respondents like: actively listing high-quality new coins. Without new assets, there will be no wealth effect. These users hope that exchanges can actively discover and list high-quality new projects to meet users' investment needs for emerging assets.
25.30% of the respondents like: "It doesn't matter what style it is, as long as I can make money." This group of users is more concerned about profit results, and not too concerned about specific exchange listing strategies.
25.20% of the respondents prefer: Just like in a bear market, stay restrained, invest in fewer but better assets, and invest in a few high-quality assets. This group of users pays more attention to the quality of assets rather than the growth in quantity.
12.56% of the respondents like: actively listing popular community currencies (such as MEME), which are popular among the public and can earn more commissions for exchanges. These users hope that exchanges can actively capture market hot spots and achieve a win-win situation between users and exchanges.
9. Respondents’ sentiment towards exchange regulation:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents’ sentiment towards exchange regulation:
The majority of respondents (69.61%) said that regulatory factors would not affect their preference for a particular exchange, which also means that investors are gradually becoming desensitized to the regulatory actions of various governments.
25.75% of respondents are cautious about regulation, mainly concerned about short-term market fluctuations.
Only 4.64% of the respondents have great fear and distrust of regulation and tend to choose to withdraw their coins immediately.
In addition to basic information such as gender, age, and education level, this survey aims to enter a more real and vivid Chinese-speaking crypto user community. By collecting and analyzing information on respondents' market anxiety, crypto idols, belief in Web3, and considerations of quitting the circle, it provides more industry participants with a richer and more three-dimensional perspective, and presents a deeper diversity and complexity of the Chinese-speaking community.
1. Respondents’ anxiety about the current market environment:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents' anxiety about the current market environment:
Respondents with general anxiety accounted for 52.32%, which shows that more than half of the users have a certain degree of anxiety in the current market environment, but this anxiety is still within the controllable range and has not seriously affected their daily lives.
40.95% of the respondents were not anxious at all, and this group of users showed strong psychological endurance and market adaptability.
6.73% of the respondents were so anxious that they couldn’t sleep, which is a small proportion of the respondents.
Overall, the current market environment does cause varying degrees of anxiety to most users, but the anxiety is generally controllable.
2. Anxiety factors of respondents:
In this questionnaire survey, we conducted a detailed statistical analysis of the anxiety factors of the respondents:
51.50% of the respondents said that "miss the pump but finding that their friends in the group have made a lot of money" would make them more anxious. This shows that most users are more susceptible to the influence of "relative returns", and this psychological tendency of social comparison may aggravate their anxiety.
48.50% of the respondents said that "losing money" would make them more anxious. This group of users is more concerned about their own "absolute returns" and are more sensitive to their own losses.
3. Respondents’ metaphysical tendencies:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents' metaphysical tendencies:
59.96% of the respondents said they had never engaged in superstitious or metaphysical behavior; 40.04% of the respondents said they had prayed for the God of Wealth to bless them.
This difference reflects the psychological and behavioral characteristics of different investors when dealing with market uncertainty. Some users are more inclined to rational analysis and objective judgment, while others may rely on superstition or metaphysical behavior.
4. Interviewee’s Crypto Idol:
In this questionnaire survey, we collected data on the crypto idols of the current respondents. This question is not mandatory and interested respondents can fill it out and submit it. Based on the frequency of mention, we made a word cloud display.
5. Which Web3 companies do respondents most want to work for and why:
In this questionnaire survey, we collected data on the Web3 companies that current respondents most want to work for. This question is optional and interested respondents can fill it out and submit it. Based on the frequency of mentions of each company in the feedback, we created a word cloud display.
In the feedback collected, exchanges are the type of companies that respondents most want to work for. Most people believe that exchanges gather high-quality information resources and can get in touch with some wealth codes earlier. Among exchanges, Binance has the highest mention rate. Respondents said that the reasons for wanting to join Binance include but are not limited to: high salaries at top exchanges; early opportunities to make a fortune; top Chinese influencers; wanting to work with a top female celebrity; and good-looking peripheral products, etc. Secondly, OKX, as another mainstream Chinese exchange, was also mentioned more frequently. Many respondents expressed affirmation for OKX's product experience, information aggregation, etc., and believed that OKX has more recruitment opportunities for Chinese people.
In addition to exchanges, VC and crypto media are the other two types of companies that respondents are very keen to work for. Most believe that: VC can grasp the hot spots of the primary market and have access to a large number of outstanding developers and industry innovators; while the media can have access to the most cutting-edge information. Working in the media can also cultivate rigorous, scientific, and systematic project research methods and produce high-quality content.
It is worth mentioning that perhaps because of the distributed office atmosphere in the Web3 industry and the fact that most respondents are not full-time cryptocurrency traders, many respondents also expressed interesting opinions such as not wanting to work, starting their own business, and becoming a KOL to monetize their knowledge.
6. Amount of cryptocurrency held by respondents:
In this questionnaire survey, we conducted a detailed statistics on the amount of cryptocurrency held by respondents: the highest percentage was $10,000-50,000, accounting for 20.93%, followed by $100,000-500,000, and $50,000-100,000, accounting for a total of 57.32%...
The option with the lowest proportion is 500,000-1 million USDT. In general, the amount of cryptocurrency held by respondents is widely distributed, ranging from small investors to large-scale fund holders.
7. Respondents’ considerations for quitting the circle:
In this questionnaire survey, we conducted a detailed statistical analysis of the respondents’ considerations for quitting the circle:
In general, most respondents (66.52%) have not considered exiting. They have strong belief and confidence in Web3 and tend to regard Web3 as a long-term investment and career development direction.
However, 33.48% of the respondents indicated that they had considered quitting the circle. These users may pay more attention to profits and will consider quitting once they reach their target profits.
This difference reflects the psychological and behavioral characteristics of different investors when facing the uncertainty of the Web3 market. Some users are full of confidence and idealism in Web3, while others focus more on short-term gains and pragmatic considerations.
8. Respondents’ expectations of staying flat:
In this questionnaire survey, we conducted a detailed statistical analysis of how much the respondents would have to earn before they considered living a normal life:
Among all the options, A8 (representing total assets of more than 10 million) has the highest proportion of 34.94%; A6.5 (representing total assets of more than 500,000) has the lowest proportion of 1.55%.
In general, the respondents have different expectations for the total assets required to "live flat", ranging from 100,000 to 10 billion. However, more than one-third of the respondents (39.22%) believe that the total assets need to reach more than 100 million, and more than two-thirds of the respondents (74.16%) believe that the total assets need to reach more than 10 million before considering lying flat, which reflects that most users have a high pursuit of financial freedom and quality of life.
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