Market Structure
November 14, 2019, 7:00AM EST
• 3 min read

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

Larry Cermak

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

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