The gains mark a “stark contrast” to the crypto winter of 2022, which saw investors nursing over $7,000 of realized losses on average.

Crypto investors made nearly $900 in net gains on average from selling crypto in 2023, a “stark contrast” from 2022, which saw billions wiped from investors amid several crypto firms’ collapses, according to data from crypto tax software provider CoinLedger.

CoinLedger analyzed 500,000 of its users’ reporting and found the average crypto investor took home $887.60 in realized gains in 2023 as the industry began to recover, and added:

“This is a stark improvement over 2022 — where the median crypto investor realized $7,102 in losses.”
Realized gains and losses occur when an investor disposes or sells crypto for a different price than they initially acquired it for. For tax purposes in the United States, a disposal event typically involves the transfer of cryptocurrency to a wallet not owned by the investor — such as when it’s sold on an exchange.

CoinLedger CEO David Kemmerer said the results signal a possible resurgence in the cryptocurrency market.

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“After the collapse of FTX, the cryptocurrency ecosystem saw a freefall in asset prices. This latest rebound highlights the resilience of the industry.”

Over 2022, the total crypto market cap fell by more than $1.5 billion owing to various crypto industry collapses, including the Terra ecosystem, crypto exchange FTX and crypto lenders Celsius and Voyager.

However, 2023 saw the tides turn amid multiple U.S. bank collapses and optimism over the launch of spot Bitcoin exchange-traded funds, which were eventually realized in January 2024.

“The data supports the narrative that Bitcoin holders are less likely to dispose of their coins than investors of other cryptocurrencies,” said CoinLedger.

Kemmerer told Godleak that 80% of its users are based in the U.S., though the data also includes users from Australia, Canada and other countries.