Data compiled by Woofun AI indicates that a tracking study commissioned by the Hong Kong Investor and Financial Education Council (IFEC) and conducted by The Hong Kong Polytechnic University demonstrates a marked decline in herd behavior among local virtual asset investors compared to 2022. The research, which surveyed approximately 1,000 participants between November and December 2025, was presented at the International Organization of Securities Commissions (IOSCO) Retail Investor Committee seminar in June 2026. Metrics show the score for blindly following market trends retreated from 3.63 to 3.19, while mimicking market behavior and chasing gains also decreased, suggesting increased rationality following the 2023 regulatory regime implementation.

Despite these improvements, significant behavioral biases persist, including reliance on past experience (3.86), FOMO sentiment (3.77), disposition effect (3.68), gambler's fallacy (3.66), and authority dependence (3.63). Investor profiling reveals 'cautious followers' constitute the largest group at 33.9%, predominantly young females aged 18 to 29. The 'hold-and-hope' type accounts for 25.5%, mostly middle-level professionals aged 30 to 39, while 'overconfident risk-takers' make up 22.2%, primarily affluent, highly educated males. Professor Eric Chui of The Hong Kong Polytechnic University emphasized integrating behavioral science into investor education to bolster rational decision-making amid market volatility.