Bitget Research Uncovers 1.5 Million Daily Active Crypto Traders in Western Europe

Crypto News– Interest in crypto trading activities is on the rise across Western Europe, with an estimated 1.5 million daily active users.

Bitget Research Uncovers 1.5 Million Daily Active Crypto Traders in Western Europe

Recent research by Bitget, a popular digital asset trading platform, indicates that the region, encompassing countries such as Germany, Belgium, Austria, France, and the Netherlands, sees between 1.2 million and 1.5 million traders on a daily basis.

Trading Activities Thrive with Germany and France at the Helm

During the research, the company discovered that individuals in Germany and France exhibit the highest interest in trading digital assets, reflecting the strong presence of investors and enthusiasts in both countries within the region.

Trading activities take place across both centralized and decentralized exchanges. The research reveals that the majority of crypto traders in Western Europe prefer centralized exchanges (CEXs) over decentralized ones. This preference results in CEXs experiencing ten times more traffic than decentralized platforms. Among these users, futures contracts are particularly popular, especially in Germany, Switzerland, and the Netherlands, while spot trading remains prominent elsewhere.

For those utilizing decentralized exchanges, PancakeSwap and Uniswap emerge as the top choices, while self-custody wallets like Coinbase Wallet, Metamask, Bitget Wallet, and TrustWallet are primarily used to secure their assets. In terms of annual traffic growth on CEXs from Western Europe, crypto trading activities on these platforms surged by over 50% in Germany and Switzerland, with Poland recording the highest growth rate at 145%.

However, countries like France and Belgium witnessed slower growth compared to the previous year, with Belgium experiencing a 6.8% decrease in traffic in 2023 compared to the previous year.

Austria Experiences a 70% Surge in User Growth

In terms of trading preferences, DeFi dominates the digital asset landscape in Western Europe, with Peer-2-Peer (P2P) trading volumes remaining relatively low.

The study attributes this trend to the widespread use of credit cards directly linked to bank accounts and fiat deposits for purchasing cryptocurrencies, reducing the demand for P2P trading.

While Germany and France led in overall activity, Austria stood out with an impressive 70% increase in users, showcasing remarkable growth amid its picturesque landscapes and rich cultural heritage.

Germany followed closely with a 69% increase, securing the second position in user growth. Meanwhile, other Western European countries experienced more moderate growth rates, ranging from 15% to 20%.

Prospects Ahead

As we peer into the future, Bitget’s research indicates a sustained prominence of Germany and France as pivotal centers for crypto trading activities in the region.

Moreover, the company anticipates ongoing escalation in interest towards on-chain solutions, especially in segments such as NFTs, DEXes, and blockchain gaming. Bitget speculates that one or two blockchain initiatives led by Western European teams will emerge as frontrunners in their respective sectors.