According to CoinMeta, investors of Binance increased the proportion of their ETF trading volume to 25% at the beginning of August, while at the same time, their allocation to individual stocks decreased. Binance research found that ETF accounted for a larger share in Gen Z's stock trading activities. The study compared the trading frequency, net capital flow, and leverage usage of Gen Z, millennials, Generation X, and baby boomers. Although Gen Z increased their allocation of ETF, data shows that their trading frequency was generally lower than that of other working-age groups. In July, ETF received 21.9% of the net stock inflow of Gen Z, higher than 18.5% in June. During this period, the proportion of individual stocks decreased from 77% to 74.2%. Binance also noted that 88.2% of Gen Z traditional financial permanent accounts did not trade any type of ETF.