Hong Kong cryptocurrency investors made profits of $250 million last year, according to Chainalysis. In 2021, they earned $1.3 billion.
Overall, cryptocurrency investors around the world recorded total gains of $37.6 billion in 2023, up from $159.7 billion during the 2021 bull market, according to Chainalysis.
Still, last year's profits represent a significant recovery from 2022, in which losses reached $127.1 billion.
In both 2021 and 2023, American cryptocurrency investors made the biggest profits in the industry, according to Chainalysis, when they earned $47 billion and $9 billion, respectively.
Profits made last year by mainland investors showed how the domestic community of cryptocurrency enthusiasts has continued to thrive, despite Beijing's rigid stance against all activities related to the virtual asset.
China's underground cryptocurrency traders appear more important than ever to Binance's future
China's underground cryptocurrency traders appear more important than ever to Binance's future
Chinese social media is excited as bitcoin prices continue to rise
Chinese social media is excited as bitcoin prices continue to rise
“If these trends continue, we may see gains more in line with what we saw in 2021,” Chainalysis said. "As of March 13, bitcoin is up 65.4 percent and ether is up 70.2 percent."
