4 key insights into Bitcoin’s global trading volume – Decrypt

Coin Metrics, a Boston-based cryptocurrency data and infrastructure startup, has published a detailed breakdown of Bitcoin’s trading volumes today. 

Assessment of trading volume is hard because different calculation methodologies can result in varied outcomes. The report provides a unique insight into where the majority of Bitcoin trading takes place, by looking at multiple different aspects.

Bitcoin trading on spot markets

According to the report, Bitcoin’s daily trading volume amounts to roughly $0.5 billion on US spot markets in total, when looking at markets that handle US dollars.

While there are a large number of crypto exchanges that operate in the US, the majority of Bitcoin trading occurs on just four large platforms—Coinbase, Bitstamp, Bitfinex and Kraken—according to Coin Metrics’ data.

The majority of Bitcoin trading in the US occurs on just four platforms. Image: Coin Metrics

Comparing the types of trading volume

If worldwide fiat markets are also taken into account, Bitcoin’s daily trading volume gains an additional $0.7 billion, reaching $1.2 billion in total.

On global fiat markets, Bitcoin’s daily trading volume reaches $1.2 billion. Image: Coin Metrics

The Japanese yen, the euro, the Korean won and the British pound are the most prevalent fiat currencies used to trade Bitcoin after the US dollar, Coin Metrics noted. 

Looking at stablecoin markets

At the same time, fiat currencies make up only one-third of Bitcoin’s trading volume if