Announced, See Which Nation Came Out on Top


In 2023, the cryptocurrency markets made a significant recovery after a challenging year in 2022. This was due to improved asset prices and market sentiment. But what were the actual gains for investors during this time? Using our unique methodology, we have estimated the gains made by investors in different countries through their interactions with centralized exchanges.

Our methodology involves analyzing on-chain data to track the movements of crypto assets in and out of services that allow for conversion to fiat currency. We then measure the difference between the value of withdrawals and deposits to estimate the collective gain on each asset. While this approach may not be perfect, it gives us a strong estimate of gains on popular assets traded on centralized exchanges.

Based on this methodology, we estimate that the total gain for all crypto-investors in 2023 will be $37.6 billion. This is a significant recovery from the estimated losses of $127.1 billion in 2022, but less than the gains of $159.7 billion in 2021.

Interestingly, our estimate for total gains in 2023 is lower than in 2021, despite similar growth rates in crypto asset prices. This could be due to investors holding onto their assets in anticipation of even higher prices, as they did not surpass previous all-time highs during 2023.

The gains were consistent throughout the year with only two months of losses in August and September, followed by a steep rise in prices in November and December.

In terms of gains by country, the United States tops the list with an estimated $9.36 billion, followed by the UK with $1.39 billion. However, we also see significant gains in upper and lower middle-income countries such as Vietnam, China, Indonesia, and India. These countries have shown strong adoption of cryptocurrency, which has remained resilient even during the recent bear market.

Looking ahead to 2024, we are already seeing positive trends, with notable crypto assets such as Bitcoin experiencing a 65.4% increase and Ether expected to rise by 70.2%. If these trends continue, we could see gains similar to those of 2021.

However, as a disclaimer, our report is not guaranteed to be accurate, complete, timely, suitable, or valid. It is intended for informational purposes only and should not be considered as legal, tax, financial, or investment advice. We encourage recipients to consult with their own advisors before making any decisions related to cryptocurrency investments.

Lastly, we want to emphasize that we are not responsible or liable for any products, services, content, or decisions made by individuals based on this material. We simply aim to provide valuable insights and estimates on the gains made by investors in the cryptocurrency market.

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