Introduction
The Chinese crypto market, often spotlighted by trends like "Chinese Coin" and Hong Kong’s regulatory advancements, has demonstrated its global influence. Beyond fragmented analyses, this report—based on direct user surveys and TechFlow Shenchao’s deep market expertise—delivers actionable insights into market dynamics, user behavior, VC strategies, and media trends.
Key Takeaways:
- The Chinese crypto diaspora remains active, with 21.26 million users across Mandarin-speaking regions.
- DeFi, Infrastructure, and NFT are top investment sectors; Binance and OKX dominate exchange preferences.
- International platforms like Twitter (85.4%) surpass WeChat (65.2%) for information sourcing.
Market Overview
Global Chinese Crypto Users
- Core Regions: Mainland China, Hong Kong, Taiwan, Singapore (21.26M users).
- Extended Reach: Indonesia (10M+ Chinese), Thailand (10M), Malaysia (7.4M), USA (5.08M).
- Policy Shifts: Post-2017 China bans drove migration, but user engagement persists via offshore platforms.
User Investment Trends:
- 39.3% invest $10K–$100K; 22.5% allocate $100K–$500K.
- Top chains: Ethereum, Arbitrum, BNB Chain.
👉 Explore leading crypto exchanges
User Behavior and Media Channels
Preferred Platforms
- Information: Twitter (85.4%), WeChat (65.2%), crypto media (61.2%).
- Exchanges: Binance, OKX lead; Bitget/Gate/Huobi follow. Notably, top exchanges are Chinese-founded.
Regional Nuances
- Taiwan: Favors stable investments (lending, DeFi strategies). Local exchanges: MAICOIN, ACE.
- Hong Kong: Gateway to global markets; HKD, Kikitrade are local players.
Social Media:
- Taiwan: LINE, Instagram.
- Hong Kong: WhatsApp, Facebook.
Media and KOL Landscape
Top Mandarin Crypto Media
| Media | Focus |
|----------------|---------------------------|
| Wu Shuo | Investigative journalism |
| ChainCatcher | VC-linked research |
| Foresight News | Events/tools |
| TechFlow | Original deep-dives |
Influencers
- Twitter: 150+ key accounts (curated list).
- YouTube: 80+ channels covering trading, NFTs, and Web3 education.
VC Ecosystem: Key Players
Leading Mandarin Crypto Funds
| VC | Notable Investments |
|--------------------|--------------------------------------|
| HashKey Capital | Animoca, Polkadot, Celestia |
| Dragonfly | zkSync, Lido, Avalanche |
| Animoca Brands | Sandbox, OpenSea, Yuga Labs |
| Foresight Ventures | Bitget, Shardeum, RSS3 |
Trends:
- Shift from early-stage bets to incubators (e.g., HashKey’s Hong Kong licensing).
- Traditional funds (e.g., IDG, Sequoia China) co-invest in high-growth projects like Scroll.
FAQs
1. How large is the Chinese crypto market?
An estimated 23.57M users globally, with $10K–$500K average investments.
2. Which sectors attract Chinese investors?
DeFi (35%), Infrastructure (28%), NFTs (20%).
3. What’s unique about Taiwan’s market?
Prefers low-risk products (e.g., grid trading) and trusts local KOLs for project endorsements.
4. How do projects engage Chinese users?
Leverage Twitter for reach, but localize via WeChat/media partnerships.
Conclusion
The Mandarin crypto market thrives through adaptability—embracing global platforms while retaining regional preferences. For projects, success hinges on balancing international visibility with hyper-local trust-building (e.g., KOL collaborations in Taiwan).
Data Source: TechFlow Shenchao’s "Asia-Pacific Web3 Truths" Report.