UAE investors made some of the biggest cryptocurrency gains in the Gulf region last year, according to a new analysis.

Investors in the country raked in $204 million from their crypto investments in 2023, the study from blockchain data company Chainalysis found.

The capital gains recorded in the UAE’s cryptocurrency market were the second highest in the Gulf after Saudi Arabia, where investors cashed out gains of $351 million.

Only the UAE and Saudi Arabia placed among Chainalysis’ list of top 50 countries globally.

Overall, investors around the world recorded a total of $37.6 billion in crypto gains last year, representing a significant recovery from 2022, when crypto losses amounted to $127.1 billion.

Bitcoin was the most preferred cryptocurrency among UAE investors. The cryptocurrency accounted for the bulk (70%) of the gains made last year.

Ethereum came second, delivering 24% of the gains, followed by Ripple network’s cryptocurrency token XRP, which accounted for 3%.

(Writing by Cleofe Maceda; editing by Seban Scaria)