Evaluating exchanges based on the liquidity of its Bitcoin pairs

Quick Take

  • Evaluating exchanges by order book depth is far superior to looking at the trading volume
  • At 1% depth, Binance has the most liquid BTC pair with combined orders; followed by Coinbase, Bitfinex, Kraken, and Bitstamp
  • At 10% depth, Bitfinex has, by far, the most liquid pair; followed by Bitstamp, Coinbase, and Kraken
  • After evaluating 15 largest exchanges, it’s clear that Bitfinex, Coinbase, Kraken, Bitstamp, and Binance have the most liquid BTC pairs
Evaluating exchanges by order book depth is far superior to looking at the trading volume.  Following the Bitwise study, it’s now widely known that the vast majority of the reported trading volume is not real. In May, The Block analyzed 48 cryptocurrency exchanges and found that up to 86% of total reported trading volume is […]

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