The cryptocurrency market is witnessing an increase in women users, according to a report from BTC Markets.

The Australian bitcoin and cryptocurrency exchange said that it saw a 175% increase in women users last fiscal year. The percentage dwarfed the 80% increase it saw in male users, the report stated.

Compared to the $2,060 average deposits from men, women made larger initial deposits of an average of $2,381, according to the report. But portfolio sizes for women were slightly lesser than men by about $400 on average.

The report also suggested that women followed a "structured trading strategy with a smaller range of more focused positions" as they traded fewer times a day. It added that women traded two times a day on average as compared to five by men.

Women are also more risk-averse than men in financial studies, the report stated.

"More women trading cryptocurrency dispels stereotypes around cryptocurrency investors being risk lovers," according to the report.

A recent report from the global cryptocurrency exchange Gemini also showed an increase in crypto investments among women in the Asia Pacific region, and exponential growth of crypto adoption in the UK in 2021.

According to the report, around two in five crypto owners in Singapore (40%) and India (38%) are women. However, Australia trails behind, with only 27% of crypto owners being women, but it is expected to increase.

While 37% or more than one-third of crypto owners in Hong Kong are women, the percentage is higher than in the United States (32%) and the United Kingdom (35%); however, 51% or more than half of crypto owners in Indonesia are women.