Comprehensive Analysis of Chinese Crypto KOLs | Guide to Traffic Trends and Marketing Opportunities (2025)

Despite stringent regulations on cryptocurrencies in mainland China in recent years, the influence of the Chinese (and Chinese-speaking) crypto market has never waned; instead, it has carved out a unique trajectory in the global landscape. As Hong Kong accelerates its embrace of virtual assets and Chinese communities in Southeast Asia remain active, looking ahead to 2025, the KOL and media ecosystem of the Chinese crypto market is poised for new transformations and opportunities.


This analysis examines the trends in KOLs and media within the Chinese (broadly defined Chinese-speaking) crypto market from the perspectives of market structure, user scale and activity, and preferred information dissemination channels, while forecasting marketing opportunities for the coming year. We draw on the latest authoritative reports (e.g., Chainalysis, Statista) to provide an objective overview of the current landscape, offering decision-making references for industry practitioners.


Structure of the Chinese Crypto Market in 2025


1. Mainland Market Contracts, Overseas Windows Open


Since 2021, mainland China's crackdown on crypto trading has significantly reduced public crypto activities domestically. However, this does not mean Chinese capital and users have exited the crypto space. On the contrary—Chinese crypto activities have gone underground and thrived through overseas markets. According to Chainalysis, China's P2P crypto trading volume surged from 144th globally in 2022 to 13th in 2023. This indicates that a significant amount of trading occurs through over-the-counter (OTC) and gray channels. Meanwhile, Hong Kong has actively introduced a licensing regime for virtual asset exchanges since 2023, positioning itself as a legal gateway for Chinese capital into the crypto market. Many mainland investors utilize the annual $50,000 foreign exchange quota to transfer funds to Hong Kong for crypto purchases. Some mainland brokers and venture capital firms have also established crypto divisions in Hong Kong to capitalize on this growth opportunity. In short, mainland restrictions have led to a role shift: Hong Kong, Singapore, and other Chinese diaspora hubs serve as the "front stage" for the Chinese-speaking market, while the mainland operates discreetly "behind the scenes," continuing to exert influence.



2. The Chinese-Speaking Market Map: Beyond Mainland China


The broadly defined Chinese-speaking crypto market encompasses Chinese communities worldwide: beyond mainland China’s 1.3 billion population, tens of millions of Chinese reside in Hong Kong, Singapore, Taiwan, Malaysia, the U.S., and Canada. These regions have varying regulatory environments and user characteristics. For example, Taiwan has relatively lenient regulations, fostering local media and communities like BlockTempo, with users favoring long-term investments and stable financial strategies; Hong Kong, leveraging its status as an international financial hub, attracts numerous projects and events, acting as a bridge between the mainland and the world; Singapore, with its crypto-friendly policies, has become a hub for Chinese entrepreneurs and investment firms. In terms of market size, as of 2023, the number of crypto users in Chinese-speaking regions (mainland, Hong Kong, Taiwan, Singapore) exceeded 21.26 million. Including the Chinese diaspora in other countries, the potential audience for Chinese-language content could reach over 23.57 million. This means the Chinese-speaking market is effectively a vast, cross-border network, with mainland users, though restricted, still forming a significant portion, while Hong Kong, Southeast Asia, and North American Chinese communities provide peripheral support and growth momentum. View Chinese Crypto KOL Resources for Free



3. User Capital and Behavioral Characteristics


Notably, Chinese (Chinese-speaking) investors demonstrate both capital strength and distinct trading preferences in the global crypto market. On one hand, Chainalysis reports that mainland Chinese investors realized $1.15 billion in crypto profits in 2023, ranking fourth globally behind the U.S., U.K., and Vietnam, indicating their active participation and substantial gains in bull markets. On the other hand, data shows that the proportion of large transactions in Chinese trading activities is significantly higher than the global average—transactions between $10,000 and $1 million by “whales” are nearly double the global average. This suggests a considerable number of high-net-worth players in the Chinese-speaking market, with trading behaviors leaning toward “big bets.” Similarly, in project investments, Chinese crypto funds have proliferated in recent years, but they often exhibit a “quantity over quality” and herd mentality. Many Chinese VCs chase trends in bull markets and retreat in bear markets, failing to outperform market averages. This capital behavior also influences KOL and media narratives—when capital turns conservative, marketing emphasizes value investing; when FOMO sentiments rise, speculative rhetoric may dominate. Overall, the Chinese-speaking market structure reflects a dual internal-external dynamic, with substantial capital but fluctuating strategies. Understanding this structure is key to grasping the evolving KOL and media ecosystem. Get Chinese Market KOL Marketing Strategies for Free


Scale and Activity of Chinese Crypto Users


1. Steady User Growth


Despite the lack of official statistics, multiple data sources indicate that the base of Chinese (Chinese-speaking) crypto users continues to grow. Payment research firm TripleA estimates that in 2023, approximately 5.5% of China’s population held cryptocurrencies, equating to about 78 million holders based on the population at the time. However, this figure likely includes broadly defined contacts rather than active traders. TechFlow, based on TripleA and regional Chinese population estimates, conservatively estimates over 21.26 million Chinese-speaking crypto users (approximately 19.9 million in the mainland and 1.36 million combined in Hong Kong, Singapore, and Taiwan). Even with a more cautious estimate, this is a substantial group. Additionally, Statista’s global survey shows that about 7-10% of Chinese internet users have used or held crypto assets, a proportion lower than countries like Vietnam and Nigeria but still above the global average. This indicates that China has not fallen behind in global crypto adoption, with most activities shifting to less traceable forms. If the global market enters a new bull cycle in 2024, Chinese-speaking user numbers and engagement are expected to rise further.



2. Changes in User Behavior


In the past, Chinese retail investors were known for chasing profits, with the crypto scene filled with stories of getting rich overnight by following “big V” calls. However, after several bull-bear cycles, the Chinese community’s investment mindset is maturing. A survey of 1,000 Chinese-speaking crypto users found that approximately 39.3% invested between $10,000 and $100,000, and 22.5% between $100,000 and $500,000, indicating that mid-tier investors dominate, rather than purely novice players. Additionally, in terms of focus areas, DeFi, infrastructure, and NFTs rank as the top three interests (techflowpost.com), suggesting that Chinese-speaking users have diverse interests beyond meme coin speculation, actively seeking opportunities across different sectors. Moreover, user tenure data shows that 41% have 1-3 years of experience, and 28% have 3-5 years, indicating a steady influx of newcomers in the past two to three years, with overall awareness still in an early development stage. In summary, the Chinese (Chinese-speaking) user base is becoming more rational and internationalized: investment amounts and interests are more balanced, and new entrants continue to join. This implies significant room for education in 2025, with high-quality content and community operations remaining essential.



Evolution of Communication Channels


1. Social Platform Migration


Policy factors have driven a significant platform migration for the Chinese crypto community in recent years. Previously, Weibo was home to numerous crypto KOLs with hundreds of thousands or even millions of followers. However, between 2019 and 2021, Weibo conducted multiple large-scale account bans, with a notable purge in June 2021 targeting accounts like @BitcoinFemaleDoctor and @Mint37Degrees. WeChat also tightened scrutiny, censoring crypto content on public accounts. Many KOLs were forced to migrate to Twitter, which is unaffected by mainland censorship and better connects with international audiences. By 2023, the Chinese crypto community had largely completed its migration to Twitter. For example, the former Weibo top KOL “Wu Shuo Blockchain” now primarily posts bilingual news on Twitter, amassing hundreds of thousands of followers and becoming a global information source. Another KOL, RainSleep, noted that moving to Twitter raised the bar for KOLs: content must be professional and insightful to meet the increasingly discerning demands of Chinese-speaking investors. This indicates that platform internationalization has driven a push for higher content quality.



2. Media Ecosystem Transformation


The Chinese crypto media landscape has undergone survival of the fittest and content transformation following regulatory turbulence. In late 2021, the sudden closure of ChainNews, one of mainland China’s most influential blockchain media outlets, shocked the industry. However, new media and overseas expansions have emerged. For instance, TechFlow, founded in 2020, has established itself by cultivating a think-tank image; meanwhile, established media like Jinse Finance and 8BTC have distanced themselves from regulators, shifting toward safer areas like industrial blockchain while strengthening international content partnerships. According to statistics, there are still over 100 Chinese-speaking crypto media outlets, but many rely on translations and advertising revenue, often described as “PR agencies in media clothing.” This has led to severe content homogenization and a lack of in-depth original reporting. However, this competition has also pushed some media to explore differentiated positioning. For example:

  • Wu Shuo Blockchain sticks to traditional news, frequently publishing exclusive scoops, gaining high recognition in overseas communities and serving as a bridge for Chinese and global information.
  • ChainCatcher, linked with its fund, focuses on project reports and professional investment research.
  • Foresight News experiments with calendars and data tools, offering comprehensive services.
  • PANews expands its global news coverage, incorporating international perspectives and even gaining traction in English markets (techflowpost.com).
  • BlockBeats and Odaily focus on news updates and summaries, maintaining traffic leadership through years of user accumulation.

Looking ahead, Chinese media in 2025 will see further polarization: leading media will become more professional and diversified (potentially venturing into data, research, and events), while smaller outlets may be phased out or absorbed. For marketers, rather than scattering efforts across numerous small media, focusing on partnerships with leading, distinctive platforms will yield better results.



3. KOL Community Turnover


The crypto market is ever-changing, and the KOL circle is undergoing a generational shift. Early KOLs who relied on hype-driven calls have lost influence, while new-generation KOLs emphasize professionalism and persona management. Industry observers note that Chinese KOLs are experiencing a “survival of the fittest” process, with newer KOLs often boasting stronger knowledge backgrounds or practical experience, excelling at spotting new opportunities (Alpha) and quickly gaining followers. For example, emerging KOLs like RainSleep have gained recognition through study-note-style content and transitioned to paid communities. Some trading experts have risen to fame with accurate market predictions. 


MCN-style operations are also a trend—specialized KOL agencies/marketing firms have emerged, bundling multiple KOL resources for services. Reports note that as crypto VCs cool off, “KOL Agencies” are entering a boom, with many industry professionals transitioning to KOL resource intermediaries. This indicates that KOL promotion is becoming more commercialized and organized. For project teams, engaging Chinese KOLs in the future may increasingly involve intermediaries rather than direct outreach. KOLs themselves will also prioritize reputation management, as transparent information makes fans more wary of deceptive marketing, and a damaged reputation is hard to recover.



Summary

In summary, the KOL and media ecosystem of the Chinese crypto market is reborn amidst restrictions and consolidating amid changes. Looking to 2025:

  • Market Structure: Under mainland restrictions, users remain active but less visible, with Hong Kong and other hubs serving as frontline outposts. The Chinese-speaking market spans borders, wielding significant influence.
  • Users: The overall scale is steadily growing with substantial capital inflows. Newcomers continue to join while veterans grow more rational, demanding higher-quality content and increasing internationalization.
  • Channels: Information dissemination has globalized. Twitter/Telegram are now the main platforms for Chinese-speaking communities, while local media seek differentiated survival. KOLs are becoming more professional, with institutionalized operations emerging.
  • Media: Leading media continue to strengthen authority, with content becoming more specialized. Media are no longer just news relays but are engaging in community nurturing and industry discussions, shaping trends.
  • Marketing: Broad, spammy marketing is losing effectiveness, replaced by refined, localized, data-driven strategies. Trust and resonance will be key to winning Chinese-speaking users.

For the global crypto industry, the Chinese (Chinese-speaking) market remains a powerhouse. As one report suggests, if a quarter of global Web3 users in 2025 come from Chinese-speaking communities (chainpeak.pro), any project aiming for global success cannot afford to overlook connections with Chinese KOLs and media.


In 2025, we expect more projects to reach Chinese users via Hong Kong, KOL marketing to refine its tactics, and Chinese media to find balance between highs and lows. For those in the industry, staying attuned to these trends, embracing change, and planning ahead is crucial. For those prepared, the next wave of the Chinese crypto market will not be a risk but a rare opportunity.



FAQs

Q1: What are the advantages of promoting through ChainPeak?

A: As an agency, we have bulk negotiation capabilities, offering prices far lower than direct project collaborations. Long-term partnerships can enjoy customized packages and annual discounts, saving over 30% in costs. Schedule an online meeting with us!


Q2: Media coverage or KOL promotion—which takes priority?

A: Both have distinct strengths and should be used in combination. Media coverage provides authoritative endorsement, ideal for building a project’s credible image; KOL promotion leverages community trust for rapid reach. In practice, start with leading media to generate buzz, followed by KOLs to amplify discussions, using authority to drive topic momentum. The media buzz + KOL amplification combination maximizes visibility and trust, rather than relying on one alone.


Q3: How can projects with limited budgets conduct KOL marketing?

A: For limited budgets, focus on cost-effectiveness. Prioritize mid-tier or niche KOLs, whose fees (hundreds to thousands of RMB) are lower but offer highly targeted, engaged audiences, often yielding better conversion rates.


Q4: How to avoid pitfalls in KOL promotion, such as fake followers?

A: To avoid pitfalls, conduct thorough due diligence before collaboration. Check KOL follower quality and historical content for red flags, as outlined earlier.


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