{"id":110271,"date":"2019-07-20T14:33:39","date_gmt":"2019-07-20T21:33:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=110271"},"modified":"2026-04-17T10:37:38","modified_gmt":"2026-04-17T09:37:38","slug":"binance-research-most-large-bitcoin-and-ethereum-investors-hold-stablecoins-use-cold-wallets","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-research-most-large-bitcoin-and-ethereum-investors-hold-stablecoins-use-cold-wallets\/","title":{"rendered":"Binance Research: most large Bitcoin and Ethereum investors hold stablecoins, use cold wallets"},"content":{"rendered":"

The research arm of Binance, the world\u2019s largest crypto exchange by trading volume, has published a report<\/a> that analyzes the results of a survey completed by institutional digital asset investors. According to the report,\u00a0Binance<\/a>\u00a0surveyed over 100 institutional and VIP clients.<\/p>\n

Survey results cannot be generalized due to the small sample size<\/h2>\n

The Binance team mentioned that the survey results should be interpreted with \u201cextreme caution\u201d and must not be generalized, because of the relatively small sample size of only 41 institutional and VIP clients.<\/p>\n

As stated in Binance\u2019s report, over 50 percent of the exchange<\/a>\u2019s VIP clients hold positions for at least a week. Meanwhile, a third of Binance\u2019s institutional traders take part in high-frequency trading and various other market-making strategies.<\/p>\n

Notably, Binance\u2019s survey results indicate that clients with a bigger portfolio tend to trade across several different exchanges, whereas clients with less capital may trade on a single or a select few platforms.<\/p>\n

High-frequency traders increasingly engage in cross-platform arbitrage strategies<\/h2>\n

High-frequency traders, who may hold positions for less than a day, tend to trade on several different exchanges in order to engage in cross-platform arbitrage strategies. This approach allows traders to take advantage of price<\/a> differentials across multiple platforms, Binance\u2019s report noted.<\/p>\n

Binance\u2019s management pointed out that around 90 percent of its clients use USD as the benchmark currency. This, as USD-backed stablecoins and USD-denominated trading platforms dominate the cryptoasset industry, Binance\u2019s report confirmed.<\/p>\n

Nearly all institutional clients use stablecoins<\/h2>\n

The Binance team revealed that almost all survey respondents said they use stablecoins<\/a> for trading purposes or as a store-of-value (SoV). While USDT<\/a> remains the dominant stablecoin, PAX<\/a> and USDC<\/a> are also used frequently to engage in trading or to hold value, the report mentioned.<\/p>\n

\"Stablecoin
Stablecoin usage (%) across institutional and VIP clients (source: Binance)<\/figcaption><\/figure>\n

Approximately 20 percent of Binance\u2019s institutional clients that responded to the survey said they use the crypto-backed Dai<\/a> stablecoin.<\/p>\n

Majority of clients use OTC desks<\/h2>\n

As noted in Binance\u2019s report, 87 percent of survey participants stated that they use over-the-counter (OTC) trading desks such as Huobi OTC, Galaxy Digital<\/a>, and Binance Trading Desk.<\/p>\n

According to Binance\u2019s survey results, most clients have experience working in the financial sector, as only 7 percent of respondents said they had no prior exposure to financial markets before they began trading cryptoassets.<\/p>\n

Most clients have been trading crypto for over a year<\/h2>\n

The majority of Binance\u2019s institutional and VIP clients revealed they had been trading digital assets for at least a year. In fact, only 7 percent of Binance\u2019s survey participants said they had been involved in crypto trading for less than a year.<\/p>\n

\"Current
Current experience in the cryptoasset industry (source: Binance)<\/figcaption><\/figure>\n

Approximately 50 percent of Binance\u2019s institutional clients had traded in traditional equity markets and around 25 percent said they engage in foreign currency trading.<\/p>\n

Notably, 67.5 percent of survey respondents engage in leveraged trading through futures contracts or margin borrowing, Binance\u2019s report noted.<\/p>\n

Large investors keep funds mainly in cold storage<\/h2>\n

Clients with cryptoasset portfolios worth at least $25 million keep most of their holdings in cold storage wallets<\/a> or use trusted third-party custodial solutions, according to Binance\u2019s survey results.<\/p>\n

The report concluded that a certain amount of user funds must be held on centralized exchanges in order to engage in efficient market-making and prop-trading strategies. However, this may change if decentralized exchanges such as Binance DEX<\/a> begin to attract more users and experience greater trading volumes.<\/p>\n

\"Storing
Storing methods for cryptoassets (source: Binance)<\/figcaption><\/figure>\n

Interestingly, most institutional investors (two-thirds) do not keep funds in hot (online) wallets such as Binance\u2019s Trust Wallet<\/a> or the Coinbase Wallet<\/a>, the report revealed.<\/p>\n

DEXs not used frequently due to low liquidity<\/h2>\n

According to survey respondents, traders do not frequently trade on decentralized exchanges due to regulatory<\/a> uncertainty. Binance\u2019s institutional clients also mentioned that DEXs usually lack sufficient liquidity, and have a poor or non-intuitive user experience.<\/p>\n

Non-custodial crypto platforms not yet popular among large traders<\/h2>\n

One-third of Binance\u2019s clients that participated in the survey said they use custodial lending and borrowing services such as BlockFi<\/a> or Nexo<\/a>. As stated in Binance\u2019s report, the majority of traders that use crypto lending and borrowing platforms have a long-term investment strategy.<\/p>\n

Other survey results suggested that non-custodial digital asset borrowing\/lending service providers are not yet widely used by institutional clients. This, as only 12 percent of those surveyed by Binance\u2019s research division reported using these platforms.<\/p>\n

Major risk factors: technology failures, hacks<\/h2>\n

Binance also asked its institutional and VIP clients to identify potential risks and growth factors for the digital asset<\/a> industry. The majority of traders cited concerns about technology failures and security breaches. Survey respondents also noted that changes in regulations across different jurisdictions may pose a significant level of risk to the cryptoasset industry.<\/p>\n

Other risk factors, according to survey respondents, included Tether\u2019s legal problems and privacy issues related to cryptocurrency transactions.<\/p>\n

ETFs could accelerate crypto ecosystem growth<\/h2>\n

Crypto industry growth drivers identified by Binance\u2019s institutional traders include the potential introduction of Bitcoin ETFs<\/a>, established brokers such as Fidelity offering crypto-related services, and the development of options contracts.<\/p>\n

Binance\u2019s survey respondents also believe that the launch of stablecoins by Facebook<\/a> and J.P. Morgan may be seen as a positive development for the crypto space. Physically-settled crypto futures contracts offered by companies such as Bakkt<\/a> and LedgerX may help accelerate the growth of the blockchain and digital asset sector, survey participants suggested.<\/p>\n

Some respondents also said that Samsung<\/a>\u2019s crypto-related services such as a built-in smartphone wallet could potentially increase digital currency adoption.<\/p>\n

Crypto infrastructure development highly undervalued<\/h2>\n

According to Binance\u2019s institutional survey respondents, blockchain infrastructure development by projects such as ICON<\/a>, Nebulas<\/a>, and Zilliqa<\/a>, is among the most undervalued segments in the crypto space. Store-of-value, payments, and settlements provided by Bitcoin<\/a>, Monero<\/a>, and XRP<\/a> were also identified as undervalued by Binance\u2019s clients.<\/p>\n

Only 15 percent of respondents said the decentralized applications (dApps) ecosystem may be undervalued at present.<\/p>\n

Many large investors don\u2019t use Binance, results may not be accurate<\/h2>\n

When asked to predict Bitcoin dominance, which currently stands at around 60%, most survey participants said BTC\u2019s crypto market share would remain roughly the same or go down slightly by December 2019.<\/p>\n

While these survey results may be interesting, Binance\u2019s management pointed out that there are still many large crypto industry participants that do not use the exchange\u2019s services. This may suggest that the survey\u2019s findings may not accurately represent the point of view and current trading patterns of large institutional players in the digital asset market.<\/p>\n

The full report (PDF) can be downloaded here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The research arm of Binance, the world\u2019s largest crypto exchange by trading volume, has published a report that analyzes the results of a survey completed by institutional digital asset investors. According to the report,\u00a0Binance\u00a0surveyed over 100 institutional and VIP clients. Survey results cannot be generalized due to the small sample size The Binance team mentioned […]<\/p>\n","protected":false},"author":67,"featured_media":110275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61045,60206],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBinance Research: most large Bitcoin and Ethereum investors hold stablecoins, use cold wallets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-research-most-large-bitcoin-and-ethereum-investors-hold-stablecoins-use-cold-wallets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Research: most large Bitcoin and Ethereum investors hold stablecoins, use cold wallets\" \/>\n<meta property=\"og:description\" content=\"The research arm of Binance, the world\u2019s largest crypto exchange by trading volume, has published a report that analyzes the results of a survey completed by institutional digital asset investors. 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