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December Exchange Review: Top 10 Exchanges Represented More Than 60% of Total Spot Market Volume

Abstract : Based on CryptoCompare Research, the top 10 exchanges represented more than 60% of total spot market volume in December. This has not changed significantly in recent months.

ChainDD
ChainDD

Jan 18

Top Exchange News in December

  • OKEx announces its third round of token delistings.
  • ErisX raises $27.5 million with investments from Fidelity and Nasdaq.
  • Coinbase supports four more ERC-20 Tokens: MANA, CVC, DNT, LOOM, and DNT.
  • CEX.IO moved to mandatory user registration.
  • Coinbase supports DAI, MKR, GNT, and ZIL.
  • Bitfinex announced USD/USDT leveraged trading with other stable coins to follow.
  • Binance added two trading pairs with XRP as a base currency: TRX/XRP & XZC/XRP.
  • Huobi partners with a Russian bank to provide legal services to crypto organizations.
  • Coinbase CEO highlighted a $300+ million Series E Round in their Q4 update.

Macro Exchange Market Segmentation

1 Market Concentration — The top 10 exchanges represented more than 60% of total spot market volume in December. This has not changed significantly in recent months.

2 Country Analysis — Maltese-registered exchanges represented the majority of trading volume in December, followed by those legally registered in Hong Kong and Samoa. Monthly trading volume from Maltese-registered exchanges dropped 9% since November, while that of Hong Kong and Samoa-registered exchanges increased 2 and 3 % respectively.

3 Predominant Fee Type — Exchanges that charge taker fees represented 86% of total exchange volume, while those that implement trans-fee mining structures represented 12%. Trans-fee mining market share increased from 8% in November to 12% in December.

4 Futures Trading — The proportion of futures trading volume increased from 22% in November to 28% in December. BitMex XBT perpetual futures volumes increased 17.7% in December while XBTUSD futures of CME and CBOE decreased 45.5% and 48.0% respectively since November. Regulated exchanges (CME and CBOE) represented only 2.88% of the total crypto futures market in December.

Exchange Volumes Ranking

1. Top Exchange Volumes — Binance was the top exchange in December by total monthly volume, followed by OKEX and ZB. Total monthly trading volume among the top 10 exchanges dropped 7.5% on average since November. Binance, OKEX and ZB dropped 13%, 5% and 19% respectively while exchanges BitZ and IDAX contrastingly experienced a 57% and 9% increase in trading volume respectively.

2. Trans-Fee Mining Exchanges — CoinBene was the largest TFM exchange in December followed by ZBG and EXX. Trans-fee mining exchanges continue to represent a significant proportion of monthly spot volume at 23.2 billion USD in total, or 12% of global spot volume within the crypto industry.

3. Decentralised Exchanges — Ethermium was the largest DEX in December, followed by WavesDEX and IDEX. DEXs continue to represent only a small fraction of global spot exchange volume (0.09%), trading a monthly total of at 254 million USD in December.

Order Book Analysis

- Among top exchanges, average order book depth down for their top 5 markets have fallen steadily, decreasing 22% since November. This is consistent with the bearish trend we have witnessed over the last few months.

- Bitfinex, Kraken and Bitstamp maintained the most stable markets in December, while exchanges CoinBene, Bitforex, IDAX showed thin markets combined with high volumes.

Web Traffic Analysis

Binance attracted the highest number of monthly unique visitors in December (over 2.2 million), up 7% since November.

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