When investing in crypto assets (also known as virtual currencies), deciding "when to sell" is just as important as deciding "what to buy."
Even when a position shows an unrealized gain, missing the right moment to sell can cause that profit to evaporate. On the other hand, taking profit too early can mean missing out on further price gains. The decision of when to take profit is a perpetually difficult question for crypto investors.
This article analyzes the results of an original survey of 733 people with crypto asset investing experience, covering investment styles, profit-taking timing, whether investors follow set rules, how often they regret their decisions, and how they gather information.
"Long-Term Holding" Is the Most Common Investment Style, Chosen by Nearly Half of Respondents
Overall Distribution of Investment Styles
Asked about their current investment style, 349 respondents (47.6%) said "mainly long-term holding," making it the most common answer. "Mainly short-term trading" came in at 225 people (30.7%), "a mix of both" at 124 people (16.9%), and "currently mostly on the sidelines" at 35 people (4.8%).
Investment style | Responses | Share |
|---|---|---|
Mainly long-term holding | 349 | 47.6% |
Mainly short-term trading | 225 | 30.7% |
A mix of both | 124 | 16.9% |
Currently mostly on the sidelines | 35 | 4.8% |
Relationship with Years of Experience
Breaking the results down by years of experience, respondents with under one year of experience lean toward long-term holding, while those with one to three years of experience show a higher share of short-term trading. Among respondents with five or more years of experience, long-term holding becomes dominant again, and the share choosing "a mix of both" also rises.
This suggests an evolving pattern of investor behavior: newcomers tend to start with long-term holding, many then try short-term trading as they gain familiarity, and as they accumulate further experience they gradually return to long-term holding.
The Top Reason for Taking Profit Is "Gut Feeling" — Most Investors Lack a Clear Standard
Overall Distribution of Profit-Taking Triggers
Asked about the main trigger for deciding when to take profit (sell), the most common answer was "no fixed rule — I go by gut feeling," chosen by 182 people (24.8%). "Based on news or market trends" followed at 141 people (19.2%), and "when I sense the price starting to fall" at 117 people (16.0%).
Profit-taking trigger | Responses | Share |
|---|---|---|
No fixed rule — go by gut feeling | 182 | 24.8% |
Based on news or market trends | 141 | 19.2% |
When I sense the price starting to fall | 117 | 16.0% |
I have never taken profit | 109 | 14.9% |
When I reach a target amount | 94 | 12.8% |
When I've gained roughly a set percentage | 90 | 12.3% |
The top three answers — "gut feeling," "based on news or market trends," and "when I sense the price starting to fall" — all describe decision methods without any pre-set quantitative standard. Combined, these three account for 60.0% of respondents, revealing that six out of ten crypto investors make profit-taking decisions without any clear numerical benchmark.
Profit-Taking Triggers by Investment Style
Cross-tabulating by investment style reveals differences in how investors approach the profit-taking decision.
Short-term traders show a higher share choosing "based on news or market trends," reflecting a nimble, market-responsive stance. Long-term holders, meanwhile, show a higher share choosing "when I reach a target amount" (14.0%) compared with short-term traders (10.7%).
Long-term holders tend to set a target in advance as part of an exit strategy, while short-term traders place more weight on flexible, market-driven judgment.
14.9% Say They Have "Never Taken Profit"
One notable finding is that 109 people (14.9%) reported having never taken profit. This group is presumed to consist largely of so-called "HODLers" — investors who have held their positions continuously since purchase without ever selling.
In crypto asset investing, it is not uncommon for unrealized gains to disappear entirely because an investor never takes profit. Even when continued holding is itself a deliberate strategy, holding indefinitely without any exit criteria carries real risk.
About 70% Have "Loose" or No Profit-Taking Rules at All — Only 18.6% Have a Clear Rule
Whether Investors Have a Profit-Taking Rule
Asked whether they set a profit-taking rule in advance, "I have a loose rule" was the most common answer at 373 people (50.9%). "I don't have a rule" followed at 193 people (26.3%), while only 136 people (18.6%) said "I have a clear rule."
Profit-taking rule | Responses | Share |
|---|---|---|
I have a loose rule | 373 | 50.9% |
I don't have a rule | 193 | 26.3% |
I have a clear rule | 136 | 18.6% |
Not sure | 31 | 4.2% |
Combining "I have a loose rule" and "I don't have a rule" adds up to 77.2%. This means roughly eight out of ten crypto investors are investing without a concrete, well-defined profit-taking rule.
Profit-Taking Rules by Investment Style
By investment style, long-term holders show a relatively high 28.7% for "I have a clear rule," compared with just 10.2% among short-term traders. Short-term traders show an especially high 67.6% for "I have a loose rule," confirming a reliance on intuitive, experience-based judgment.
Investment style | Clear rule | Loose rule | No rule |
|---|---|---|---|
Mainly long-term holding | 28.7% | 42.4% | 26.4% |
Mainly short-term trading | 10.2% | 67.6% | 20.4% |
A mix of both | 9.7% | 51.6% | 33.9% |
Because short-term trading demands quick decisions, setting a strict rule can be difficult. That said, a pattern of intuitive decisions can also lead to regret, as the survey's findings on "regret experience," discussed below, show, and this warrants caution.
Relationship with Years of Experience
Among respondents with five or more years of experience, 28.9% report having a clear rule — the highest share of any experience bracket — suggesting that more experienced investors are more likely to recognize the importance of having a rule. At the same time, 23.3% of those with under one year of experience also report having a clear rule, showing that a meaningful segment of newer investors are conscious of setting rules from the start.
76.5% Have Regretted a Profit-Taking Decision — Even Among Those "With a Rule," the Regret Rate Is 87.5%
Overall Trend in Regret Experience
Asked whether they have ever regretted a profit-taking decision, 400 people (54.6%) said "occasionally," and 161 people (21.9%) said "often." Combined, 76.5% of investors have experienced regret over a profit-taking decision.
Regret experience | Responses | Share |
|---|---|---|
Occasionally | 400 | 54.6% |
Often | 161 | 21.9% |
Rarely | 118 | 16.1% |
Never | 54 | 7.4% |
The finding that more than three out of four crypto investors have felt regret over their profit-taking timing highlights just how difficult this decision is.
The Relationship Between Rules and Regret — Having a Rule Doesn't Prevent Regret
Cross-tabulating whether investors have a profit-taking rule against their regret experience reveals a notable pattern.
Profit-taking rule | Regret rate (often + occasionally) |
|---|---|
I have a clear rule | 87.5% |
I have a loose rule | 85.5% |
I don't have a rule | 59.1% |
Not sure | 29.0% |
The "I have a clear rule" group showed the highest regret rate, at 87.5%. This may seem counterintuitive, but it likely reflects that investors with a defined rule are more able to recognize regret — for example, by comparing outcomes such as "the price kept rising after I sold according to my rule" or "I sold too late because I didn't follow my rule."
By contrast, the "I don't have a rule" group shows a comparatively low regret rate of 59.1%, which may simply reflect that, without a rule to compare against, it is harder for these investors to recognize regret in the first place. A lower regret rate does not necessarily indicate better investment decisions.
Regret Rate by Age Group
By age group, respondents in their 20s show a regret rate of 82.6%, and those 70 and older show 90.9%. Respondents in their 30s and 50s show a somewhat lower 71–72%, but every age group exceeds 70%, indicating that struggling with profit-taking decisions is common across all ages.
Social Media Is the Top Information Source for Profit-Taking Decisions — Expert Commentary and Analysis Ranks Third
Overall Distribution of Information Sources (Multiple Answers Allowed)
Asked what information sources they refer to when making a profit-taking decision, "social media (X, YouTube, etc.)" was the most common answer, chosen by 343 people (46.8%). "News sites" followed at 319 people (43.5%), and "expert commentary and analysis articles" at 282 people (38.5%).
Information source | Responses | Selection rate |
|---|---|---|
Social media (X, YouTube, etc.) | 343 | 46.8% |
News sites | 319 | 43.5% |
Expert commentary and analysis articles | 282 | 38.5% |
Friends and acquaintances | 241 | 32.9% |
Don't particularly rely on any source | 99 | 13.5% |
Other | 33 | 4.5% |
Even for the profit-taking decision specifically, social media is the most widely used information source. While social media offers speed and immediacy, the accuracy of the information it carries varies widely, which calls for caution.
Social Media Usage Rate by Age Group
By age group, respondents in their 40s show the highest social media usage rate at 51.1%, ahead of those in their 20s (46.3%) and 50s (48.9%). The rate falls to 41.2% among those in their 60s and 27.3% among those 70 and older, though it is notable that more than 40% of respondents in their 60s still refer to social media.
Age group | Social media usage rate |
|---|---|
20s | 46.3% |
30s | 44.8% |
40s | 51.1% |
50s | 48.9% |
60s | 41.2% |
70 and older | 27.3% |
13.5% "Don't Particularly Rely on Any Source"
99 people (13.5%) said they don't particularly rely on any information source. This group makes profit-taking decisions based solely on their own judgment — but given that "gut feeling" was the most common trigger overall, as noted above, it is possible that a lack of information gathering is itself contributing to more intuitive decision-making.
The Biggest Concern Is "How Volatile Prices Are" — "Deciding When to Take Profit or Cut Losses" Also Named by 36.6%
Overall Trend in Concerns (Multiple Answers Allowed)
Asked what concerns them most about crypto asset investing (multiple answers allowed), "how volatile prices are" was the most common answer, chosen by 436 people (59.5%). "Taxes and tax filing" followed at 321 people (43.8%), and "whether the information I'm relying on is accurate" at 292 people (39.8%).
Concern | Responses | Selection rate |
|---|---|---|
How volatile prices are | 436 | 59.5% |
Taxes and tax filing | 321 | 43.8% |
Whether the information I'm relying on is accurate | 292 | 39.8% |
Deciding when to take profit or cut losses | 268 | 36.6% |
No particular concerns | 48 | 6.5% |
"Deciding When to Take Profit or Cut Losses" Emerges as a Distinct Concern
One notable finding from this survey is that 268 people (36.6%) — more than one in three investors — specifically cited "deciding when to take profit or cut losses" as a concern.
Beyond external factors such as price volatility and taxes, a substantial share of investors report anxiety about their own decision-making itself. This finding is consistent with the earlier results on profit-taking timing and regret experience described above.
82.5% Would Use Expert Information — Demand Is Highest Among Those Who Regret Most Often
Overall Trend in Willingness to Use Expert Information
Asked whether they would use specialized information or diagnostic tools for investment decisions if available, "I'd use it if the opportunity arose" was the most common answer at 399 people (54.4%), followed by "I'd definitely want to use it" at 206 people (28.1%). Combined, 82.5% expressed willingness to use expert information.
Willingness to use | Responses | Share |
|---|---|---|
I'd use it if the opportunity arose | 399 | 54.4% |
I'd definitely want to use it | 206 | 28.1% |
Not very likely | 94 | 12.8% |
Not at all likely | 34 | 4.6% |
Cross-Tabulation with Regret Experience — 92.5% of the "Often Regret" Group Are Willing to Use It
Cross-tabulating regret experience against willingness to use expert information reveals a clear correlation.
Regret experience | Willingness to use (definitely + if the opportunity arose) |
|---|---|
Often | 92.5% |
Occasionally | 88.0% |
Rarely | 64.4% |
Never | 51.9% |
Among respondents who say they "often" regret their profit-taking decisions, 92.5% want to use expert information. This shows that investors who experience regret more frequently have a stronger need for information or tools that can supplement their own decision-making.
This finding suggests significant demand for services that support investor decision-making, such as investment style diagnostics and profit-taking simulations.
Summary: What the Survey Reveals About Japanese Crypto Investors and Profit-Taking
This survey yielded the following five key findings about how crypto investors approach profit-taking decisions.
- The most common profit-taking trigger is "gut feeling" (24.8%). Six out of ten investors make profit-taking decisions without any numerical standard, revealing that a quantitative exit strategy has yet to take hold among most investors.
- Only 18.6% of investors have a "clear" profit-taking rule. Roughly 80% are investing with either a "loose" rule or no rule at all. Among long-term holders, 28.7% have a clear rule, compared with just 10.2% of short-term traders.
- 76.5% of investors have regretted a profit-taking decision. Even among those with a "clear rule," 87.5% report having experienced regret, showing that setting a rule alone does not prevent regret.
- Social media is the top information source for profit-taking decisions (46.8%). Respondents in their 40s show the highest social media usage rate of any age group at 51.1%, making social media the single most influential information channel even for a decision as important as profit-taking.
- 82.5% would use expert information if available. Among those who "often" experience regret, this figure rises to 92.5%, pointing to strong demand for information and tools that support investment decisions.
The crypto asset market is highly volatile, and profit-taking timing can have a major impact on investment outcomes. As this survey shows, many investors continue to struggle with profit-taking decisions and repeatedly experience regret.
While having a clear rule alone cannot fully eliminate regret, setting profit-taking criteria that fit one's own investment style, combined with the use of reliable information sources, can help improve the precision of these decisions.
This report is intended for informational purposes only and does not constitute a solicitation or recommendation to invest. Crypto asset investing carries significant risk, and all investment decisions should be made at your own responsibility. No warranty is provided as to the accuracy, completeness, or usefulness of the content of this report. Please make final investment decisions based on your own judgment, and consult a qualified professional as needed.
Survey Overview
Survey date: February 24, 2026
Method: Internet survey
Respondents: Men and women residing in Japan (currently investing in crypto assets, or with past investing experience)
Valid responses: 733
Conducted by: Clabo Inc.
Survey Questions
- Do you have experience investing in crypto assets (virtual currencies)?
- How many years of crypto asset investing experience do you have?
- What was the amount of your first investment?
- Which best describes your current investment style?
- What is the main trigger you use to decide when to take profit (sell)?
- Do you set a profit-taking rule in advance?
- Have you ever regretted an actual profit-taking decision?
- What information sources do you refer to when making a profit-taking decision?
- What concerns do you have about crypto asset investing?
- Would you use specialized information or diagnostic tools for investment decisions if they were available in the future?
