New research from GNY, a blockchain-based machine learning business, shows that of those people who trade at least $1,000 a month in Bitcoin, 25% are trading $4,000 or more. Just 11% say they trade around $1,000 a month, with 34% saying it is between $1,000 and $2,000. Nearly one in three (30%) trade between $2,000 and $4,000 a month.
The study from GNY, which recently launched BTC Range Report, providing some of the most accurate forecasts around Bitcoin volatility, reveals that 15% of serious Bitcoin traders are aged 18 – 24, 29% are 25 to 34 and 37% are aged between 35 and 44. Just one in five (19%) are older than this. Nearly three out of four (72%) are men and 28% are women.
GNY.IO commissioned the research company Pureprofile to survey 100 Bitcoin traders who trade at least $1,000 a month in the cryptocurrency. The survey was conducted in December 2021 with respondents from the UK, US, Germany, Netherlands, Nigeria, Switzerland, Vietnam, and the Philippines – countries that have some of the largest Bitcoin trading markets in the world.
Some 4% of those who trade over $1,000 a month in Bitcoin are students, 6% are unemployed, 13% work part-time, and 65% are in full time jobs. One in ten are self-employed and 1% say they are retired while 1% describe themselves as ‘homemakers.
How much time are traders spending in the Bitcoin market?
In terms of the hours they spend trading Bitcoin on a weekly basis, 16% say they trade for less than five hours. Just over one in four (28%) trade for between five and 10 hours, and one three (33%) for between 10 and 20 hours. The remainder (23%) trade for longer than this, with 5% trading for over 40 hours a week.
When it comes to letting loved ones know about their trading, only 58% of serious Bitcoin traders say their partners know the value of their trades. Some 17% say their partners don’t know they trade at all, and 21% think they trade lower amounts. The remainder are unsure what their partners know about their trading.
Cosmas Wong, CEO of GNY said: “With the value of Bitcoin rising by 11% in 2021 and by3000% over the past five years, it has attracted an army of serious traders that is growing rapidly in number. 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.”
Extensive testing of the BTC Range Report has delivered a mean absolute percentage error (MAPE) of between 3% and 7% making it one of the most powerful BTC prediction tools in the market. The average of the majority of competitor BTC prediction tools tested by GNY was 10%, but it was as high as 17% for some platforms.
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 BTC Range Report is the first of many ML-powered tools the company plans to release, as part of its forthcoming ML-marketplace, GNY Dataplace, which is launching next year. GNY Dataplace will provide a structured and secure way to partner with collaborators on machine learning without sharing raw data, build custom ML solutions that can be licensed on the platform, and use GNY’s ML engines to monetize predictions of their own.
