Bitget Research, the research arm of cryptocurrency exchange Bitget, has released a report analyzing the current situation in the Western European digital asset market.
The research found that Western European countries, characterized by developed economies and high levels of general education, are among the regions with the highest adoption of cryptocurrencies in the world.
Between 1.2 and 1.5 million people participate in daily trading on centralized and decentralized exchanges. At the same time, Germany and France are the leaders in terms of crypto trade activity. At the same time, Austria has the fastest annual growth in the number of crypto traders (70%), followed by Germany (69%).
This high level is primarily due to the fact that European countries, especially Germany, Switzerland, Belgium, France, Austria, Liechtenstein, Luxembourg, and the Netherlands, adhere to the legal framework established by the European Union to regulate cryptoassets, according to the report.
The Bitget Research team found in its study that residents of Germany, Switzerland, and the Netherlands favor futures trading, while the rest of the countries tend to favor spot trading.
At the same time, most Western European users choose centralized exchanges to trade cryptocurrencies. This is confirmed by the traffic, which CEX has 10 times more than DEX. At the same time, the most popular cryptocurrency wallets in Western Europe are Coinbase Wallet, Metamask, Bitget Wallet, and TrustWallet.
The data showed that the use of DeFi is significantly predominant over P2P trading, driven by the purchase of digital assets using fiat deposits or linked cards.
Bitget Research pointed out that among popular sectors and projects, regional users in Western Europe show a high level of participation in decentralized projects, NFT and Web3 platforms, and popular network ecosystems such as Solana.
Analyzing all the above factors, Bitget's research team concluded that cryptocurrency market participants in Western Europe are highly educated, cautious, and prefer long-term investments. In addition, many users actively participate in both online and offline forums, where they share market information and discuss industry trends. There is also a strong focus on legality and compliance with Know Your Customer (KYC) rules.
In its forecast for 2024, Bitget states that Western European users' interest in on-chain solutions will increase, especially in the NFT, DEX, and blockchain gaming categories. Decentralized exchanges will meet the growing demand for on-chain transactions, while centralized exchanges offering better client service and platform features may gain new acceptance among Western European customers.
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