New research from GNY, a blockchain-based machine learning business, reveals that of those people who trade at least $1,000 a month in Bitcoin, 25 per cent are trading $4,000 or more. Just 11 per cent say they trade around $1,000 a month, with 34 per cent saying it is between $1,000 and $2,000. Nearly one in three (30 per cent) trade between $2,000 and $4,000 a month.
The study from GNY, which recently launched BTC Range Report, reveals 15 per cent of serious Bitcoin traders are aged 18–24, 29 per cent are 25-34 and 37 per cent are 35-44. Only 19 per cent are 45 or older. Nearly three in four (72 per cent) are men and 28 per cent are women.
Only four per cent of those who trade at least $1,000 a month in Bitcoin are students, six per cent are unemployed, 13 per cent work part-time, and 65 per cent are in full-time jobs. One in 10 are self-employed. One per cent say they are retired while another one per cent describe themselves as homemakers.
In terms of the hours they spend trading Bitcoin on a weekly basis, 16 per cent say they trade for less than five hours, 28% per cent trade for between five and 10 hours, and 33 per cent do it for between 10 and 20 hours. The remaining 23 per cent trade for longer than this, with five per cent trading for more than 40 hours a week.
When it comes to letting loved ones know about their trading, only 58 per cent of serious Bitcoin traders say their partners know the value of their trades. Some 17 per cent say their partners don’t know they trade at all, and 21 per cent say they think they trade lower amounts. The remainder are unsure what their partners know about their trading.
“With the value of Bitcoin rising by 11 per cent in 2021 and by 3,000 per cent over the past five years, it has attracted an army of serious traders that is growing rapidly in number,” GNY CEO Cosmas Wong said. “However, the cryptocurrency remains very volatile and huge gains and losses can be made quickly. Thankfully, there are more tools available to traders than ever before to help them understanding volatility and movements in the price of the cryptocurrency, enabling them to make more informed decisions.”
The BTC Range Report uses proprietary machine learning to forecast Bitcoin volatility. The tool is the first consumer facing product offered by GNY and uses specialized neural nets and a custom RSI to generate optimized forecasting for the projected daily range for Bitcoin, the company said.
The BTC Range Report is issued every Tuesday and spans a seven-day period.