A Binance Research analysis published on 12 August 2026 and authored by Lim Kim Thye challenges the assumption that Generation Z trades with maximum speculation. Covering bStocks, TradFi-Perps and direct equities from June to August 2026, with snapshots taken between 5 and 11 August, the study found that 22% of Gen Z direct-equity accounts have never placed a sell order, compared with 19% for Gen X and 9% for Baby Boomers.
Across products, Gen Z appears to be the most accumulation-oriented cohort. In bStocks, 76% of Gen Z accounts are net accumulators; in direct equities, the figure is 77%, compared with 74% for Gen X and 68% for Baby Boomers. TradFi-Perps show a lower but still notable 60% accumulation rate. Average net inflows reached US$1,898 per account.
Turnover is also lower than expected. Gen Z averages about three bStocks trades per month, the lowest among generations, and 13 perpetual futures trades per month, below Millennials at 17 and Baby Boomers at 19. Only 14% of Gen Z TradFi-Perps accounts trade at high frequency. Buy-only bStocks users average just 1.63 trades a month versus 3.45 for the typical user, and their positions are not small: SCHD averages US$16,567 per trade and AVGO US$12,370.
The report highlights limited use of leverage. 88.2% of Gen Z accounts in perps and 98.9% in bStocks avoid leveraged and inverse products altogether. Where leverage appears, it is tactical rather than structural: leveraged products made up 9.25% of July turnover but only 3.93% of net monthly inflow.
Gen Z is also rotating into ETFs. Unleveraged ETFs captured 21.9% of Gen Z net inflow in July, up from 18.5% in June, and in early August Gen Z directed 25% of equity volume into ETFs, versus 9.5% for Millennials. Holdings remain concentrated at 1.4 to 1.6 symbols per user, with 36% to 45% still open at the observation date.
Binance Research argues the cohort generates less commission per account than high-churn retail models assume, but produces steadier balances, lower support load and longer customer lifetime. The report adds context to Binance's earlier projection that crypto exchanges could channel $2 trillion into global equity markets by 2031.
