Analysis of volume per website visit indicates larger traders are re-entering the game

Quick Take

  • Out of 100+ exchanges that were evaluated, only 11 exchanges outside of Bitwise 10 appear to have traffic that roughly corresponds to the trading volume
  • Bitfinex and Bitstamp have the largest traders while Poloniex, Bittrex, and Coinbase have mostly retail clients
  • Volume per visit increased significantly from September to October, which likely means that larger position traders are entering the game again
San Francisco-based Bitwise Asset Management released an influential study in May, in which it used screen scrapers to collect live trading data from over 80 exchanges in order to determine which exchanges didn’t fake their volume. Only 10 exchanges passed Bitwise’s tests – Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex, and Poloniex. According […]

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