the investment case for bitcoin - vaneck · the below stock to flow data suggest that bitcoin may...
TRANSCRIPT
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2019
The Investment Case for Bitcoin
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2
Bitcoin as a Potential Store of Value 3
Bitcoin’s Role in an Investment Portfolio 9
Accelerating Bitcoin Adoption 18
Table of Contents
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Understanding the differences between monetary and intrinsic value
Bitcoin’s combination of durability, scarcity, privacy, and its nature as a bearer asset all contribute to it holding monetary value
Bitcoin is on the path to becoming digital gold
So why don’t institutional investors own bitcoin?
Bitcoin as a Potential Store of Value
3
Please see important disclosures at the end of this presentation.
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To determine if Bitcoin has value, it is important to start with understanding the two types of value
Intrinsic Value (IV): Value that exists because an economic good produces cash flow or has overt utility: equities, fixed income, real estate, and consumable commodities (corn, oil, etc).
Monetary Value (MV): Value that exists in spite of an economic good not having intrinsic value or value that exists in excess of an economic good’s intrinsic value
Bitcoin and Monetary Theory
4
* Precious metals have a tiny amount of intrinsic value because of industrial uses. Nonetheless, the prices of precious metals largely reflect their monetary value. If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today. Please see important disclosures at the end of this presentation.
Goods with Intrinsic Value Goods with Monetary Value
Equities Gold
Fixed Income Silver
Real estate Diamonds
Corn Bitcoin
Wheat Artwork
Oil U.S. Dollars
Copper Emeralds, rubies, other gemstones
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Nothing ever “backs” MV: MV is inherently a bet that an object will retain value or increase in value in the future. Items with MV are items that store value and can be seen as claims on future IV. This may make people uncomfortable but it has been true since the dawn of civilization.
MV arises because of collective belief: Behavioral economics, heard behavior, etc. Humans have long needed a way to store value outside of IV. Money is a natural consequence of a productive society
Monetary value needn’t relate to any sovereign power: historically, most objects of monetary value have no relationship to a sovereign power – gold, gemstones, etc.
The creation of a new object with monetary value is rare, but not unheard of. Artwork is a good example. Artwork as MV is a phenomenon of the past few centuries. Artwork did not have MV in early societies.
MV usually arises from special needs or circumstances:— Gold acquired MV because it was scarce, durable and relatively easy to make into coins, bars,
etc.— Bitcoin has MV because it is scarce (which is spectacularly unique in a digital world), durable,
has strong privacy characteristics (i.e. it is pseudonymous), is a bearer asset that can be memorized (making it especially useful in authoritarian regimes)
Monetary Value
5
* Precious metals have a tiny amount of instrinsic value because of industrial uses. Nonetheless, the prices of precious metals largely reflect their monetary value. If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today. Please see important disclosures at the end of this presentation.
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The generation of MV does not require that an object be attached to a payment system— Artwork is not used for payments but its value is entirely MV— Gold was used in the past for payments but nowadays only on a very limited basis— Bitcoin is not a terrific payment system but certainly better than artwork and gold
The more people that come to accept than an object has MV, the more likely it is to have MV in the future
Volatility is an inherent consequence of the process of an object acquiring MV— When gold first acquired MV there was plenty of disagreement about how many goats you could
get for an ounce of gold
Currency is a sub-type of money. Money is a sub-type of items with MV— USD is a currency: usable for transactions on a regular basis— Gold coins are a money: usable on a very limited basis for transactions but not as easily as a
currency— Artwork is an object with MV. Not readily usable for transactions but plenty of MV nonetheless— Bitcoin is not quite a currency but most certainly is a money, however it may become a currency
in the future
Monetary Theory
6
* Precious metals have a tiny amount of intrinsic value because of industrial uses. Nonetheless, the prices of precious metals largely reflect their monetary value. If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today. Please see important disclosures at the end of this presentation.
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Source: MVIS Website, As of 06/30/2019. Please see important disclosures at the end of this presentation.
Traits of Money Gold Government Issued (U.S. dollar) Crypto (Bitcoin)Fungible (Interchangeable) High High HighNon-consumable High High HighPortability Moderate High HighDurable High Moderate HighHighly divisible Moderate Moderate HighSecure (cannot be counterfeited) Moderate Moderate HighEasily transactable Low High HighScarce (predictable supply) Moderate Low HighSovereign (Government issues) Low High LowDecentralized Low Low HighSmart (Programmable) Low Low High
Bitcoin vs. Gold vs. Dollar
Bitcoin Has the Potential to Become “Digital Gold”
7
Return Distribution
IntervalS&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currency
-120.0 to -115.00.00.00.00.00.00.00.0
-115.0 to -110.00.00.00.00.00.00.00.0
-110.0 to -105.00.00.00.00.00.00.00.0
-105.0 to -100.00.00.00.00.00.00.00.0
-100.0 to -95.00.00.00.00.00.00.00.0
-95.0 to -90.00.00.00.00.00.00.00.0S&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currency
-90.0 to -85.00.00.00.00.00.00.00.0150.00.012.10.00.00.00.0
-50.0 to -45.00.00.00.00.00.00.00.0
-45.0 to -40.00.00.00.50.00.00.00.0
-40.0 to -35.00.00.00.00.00.00.00.0
-35.0 to -30.00.00.00.80.00.00.00.06.4
-30.0 to -25.00.00.00.80.00.00.00.0
-25.0 to -20.00.00.01.50.00.00.00.0
-20.0 to -15.00.00.02.80.00.00.00.0
-15.0 to -10.00.00.05.90.00.01.80.0100.0100.081.5100.0100.0100.0100.0
-10.0 to -5.01.30.09.71.31.58.20.0
-5.0 to 0.037.240.819.548.539.040.846.9
0.0 to 5.061.559.224.449.559.240.353.1
5.0 to 10.00.00.015.40.80.38.50.0
10.0 to 15.00.00.06.70.00.00.50.0
15.0 to 20.00.00.03.10.00.00.00.012.1
20.0 to 25.00.00.03.10.00.00.00.0
25.0 to 30.00.00.01.30.00.00.00.0
30.0 to 35.00.00.01.30.00.00.00.0
35.0 to 40.00.00.01.30.00.00.00.0
40.0 to 45.00.00.01.00.00.00.00.0
45.0 to 50.00.00.00.00.00.00.00.0
50.0 to 55.00.00.00.30.00.00.00.0
55.0 to 60.00.00.00.00.00.00.00.0
60.0 to 65.00.00.00.00.00.00.00.0
65.0 to 70.00.00.00.00.00.00.00.0
70.0 to 75.00.00.00.30.00.00.00.0
75.0 to 80.00.00.00.00.00.00.00.0
80.0 to 85.00.00.00.30.00.00.00.0
85.0 to 90.00.00.00.00.00.00.00.0
90.0 to 95.00.00.00.00.00.00.00.0
95.0 to 100.00.00.00.00.00.00.00.0
100.0 to 105.00.00.00.00.00.00.00.0
105.0 to 110.00.00.00.00.00.00.00.0
110.0 to 115.00.00.00.00.00.00.00.0
115.0 to 120.00.00.00.30.00.00.00.0
Return Distribution
S&P 500
US Bonds
Bitcoin
Gold
US Real Estate
Oil
Emerging Market Currency
Percent of Periods
Bitcoin Return Distribution
Sheet1
Bitcoin vs. Gold vs. Dollar
Traits of MoneyGoldGovernment Issued (U.S. dollar)Crypto (Bitcoin)
Fungible (Interchangeable)HighHighHigh
Non-consumableHighHighHigh
PortabilityModerateHighHigh
DurableHighModerateHigh
Highly divisibleModerateModerateHigh
Secure (cannot be counterfeited)ModerateModerateHigh
Easily transactableLowHighHigh
Scarce (predictable supply)ModerateLowHigh
Sovereign (Government issues)LowHighLow
DecentralizedLowLowHigh
Smart (Programmable)LowLowHigh
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None of the traditional capital markets infrastructure participants handle bitcoin
The difficulty largely has to do with bitcoin’s nature as a bearer asset The plumbing to connect bitcoin with capital markets has been limited
Why don’t Institutional Investors Have Exposure to Bitcoin?
8
Please see important disclosures at the end of this presentation.
Capital Markets
Function / entity Stocks, bonds, etc. Bitcoin and other digital assetsCustodians ✔ ✘Prime brokers ✔ ✘Clearing entities ✔ ✘Settlement entities ✔ ✘Transfer agents ✔ ✘
Investment Cumulative Growth
Date60-40 Blend60-40 Blend /w 50 BPS60-40 Blend /w 100 BPS60-40 Blend /w 300 BPSS&P 500Bloomberg Barclays US AggReturnStd DevAlphaBetaR2Sharpe Ratio (arith)Up Capture RatioDown Capture Ratio
January-1200000060eqty-40bond9.476.680.950.5997.171.3263.3456.23
February-1211123-060eqty-40bond 0.5 crypto10.446.851.720.6095.201.4367.1356.03
February-1211112-060eqty-40bond 1 crypto11.407.162.500.6189.891.5070.8755.83
February-1222214-060eqty-40bond 3 crypto15.239.395.590.6558.821.5585.5055.09
February-1222224-0S&P 500 TR (1989)13.9211.170.001.00100.001.19100.00100.00
March-12333250BBgBarc US Agg Bond TR USD2.682.852.38-0.031.140.717.89-8.62
March-1233325-0S&P 500 TR (1989)13.9211.170.001.00100.001.19100.00100.00Cumulative Return %Annualized ReturnVolatilityBeta
March-1244447-1S&P 500165.6913.9211.171.00
March-1244437-1Bloomberg Barclays US Agg21.912.682.85-0.03
March-1244448-160-40 Blend97.159.476.680.59
April-1244447-060-40 Blend /w 50 BPS110.5610.446.850.60
April-1233335060-40 Blend /w 100 BPS124.7111.407.160.61
April-1233336060-40 Blend /w 300 BPS189.4915.239.390.65
April-12555470
May-12333351
May-12333241
May-12000-0-11
May-12111111Capital Markets
June-12-0-0-0-0-22
June-12222221Function / entityStocks, bonds, etc.Bitcoin and other digital assets
June-12333331Custodians✔✘
June-12222331Prime brokers✔✘
June-12444451Clearing entities✔✘
July-12344442Settlement entities✔✘
July-12444542Transfer agents✔✘
July-12455653
July-12556773
August-12566873
August-12677983
August-12777992
August-12677992
September-12677993
September-1288910113
September-12991012132
September-12991012133
September-1289911113
October-129101012133
October-1288910113
October-1288911113
October-12778993
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November-12667873
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December-1278810103
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January-1310101113143
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February-19849510716114516
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March-19869811016515017
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March-198810011216715118
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April-199210411717616118
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Investment Cumulative Growth
60-40 Blend
60-40 Blend /w 50 BPS
60-40 Blend /w 100 BPS
60-40 Blend /w 300 BPS
S&P 500
Bloomberg Barclays US Agg
Cumulative Return %
Assemetric Return Profile2/1/2012 - 7/31/2019
-
If Bitcoin is increasingly used as an asset with monetary value both on-chain and off-chain, then how might one think of it as an investment?
Several theories exist that point to increasing scarcity and Network Transfer Value as some of the drivers for historical Bitcoin growth
Bitcoin historical performance and how that could fit into an investment portfolio
Bitcoin’s Role in an Investment Portfolio
9
Please see important disclosures at the end of this presentation.
-
The stock to flow ratio is defined as the amount of an asset that is held in reserves divided by the amount of that asset produced for a selected time period
The below stock to flow data suggest that bitcoin may have potential to grow based on historical data and scarcity characteristics of bitcoin, gold and silver
Stock to Flow Ratio Illustrates Bitcoin Growth Potential
10
Source: Medium, “Modeling Bitcoin’s Value with Scarcity,” March 22, 2019. Please see important disclosures at the end of this presentation.
-
Halving is defined as a 50% block reward cut to bitcoin production rate. Halvings are programmed into bitcoin and occur roughly every four years (210,000 blocks)
Historically, given the increasing scarcity induced by halvings, the price of bitcoin has increased following halvings over the course of Bitcoin’s lifecycle
The next halving is expected in May 2020
Bitcoin Halving Illustrates Scarcity-Driven Historical Growth
11
Source: Morningstar. Data as of 7/31/2019. Please see important disclosures at the end of this presentation.
1.0
10.0
100.0
1,000.0
10,000.0
100,000.0
1,000,000.0
Cum
ulat
ive R
etur
n %
MVIS CryptoCompare Bitcoin Index2/1/2012 - 7/31/2019
2nd halving7/9/2016Bitcoin price: $657.61
1st halving11/28/2012Bitcoin price: $12.22
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Bitcoin has performed well versus major indices Most long term periods such as 3 and 5 year have been historically positive for Bitcoin
Bitcoin Historically Outperforms Traditional Asset Classes
12
Source: MVIS. Data as of July 31, 2019. US Bonds is measured by the Bloomberg Barclays US Aggregate Index; Gold is measured by the S&P GSCI Gold Spot Index; US Real Estate is measured by the MSCI US REIT Index; Oil is measured by the Brent Crude oil spot price, Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index. See disclaimers and index descriptions at the end of this presentation. Past performance is no guarantee of future results.
1 Month 3 Months YTD 1 Year 3 Years 5 YearsBitcoin -10.83 86.40 158.39 28.92 167.30 82.32S&P 500 1.44 1.69 20.24 7.99 13.36 11.34US Bonds 0.22 3.28 6.35 8.08 2.17 3.05Gold 1.70 11.83 12.21 16.55 1.93 2.31ACWI 0.17 -0.09 15.07 0.87 8.01 4.39
1.0
10.0
100.0
1,000.0
10,000.0
100,000.0
1,000,000.0
Cum
ulat
ive R
etur
n %
MVIS CryptoCompare Bitcoin Index2/1/2012 - 7/31/2019
Trailing Returns (%) Most Recen
1 Month3 MonthsYTD1 Year3 Years5 Years
MVIS CryptoCompare Bitcoin PR USDBitcoin-10.8386.40158.3928.92167.3082.32
S&P 500 TR (1989)S&P 5001.441.6920.247.9913.3611.34
BBgBarc US Agg Bond TR USDUS Bonds0.223.286.358.082.173.05
DJ Cmmdty Gold PR USDGold1.7011.8312.2116.551.932.31
MSCI ACWI PR USDACWI0.17-0.0915.070.878.014.39
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Very low correlation with traditional asset classes such as broad market equity indices, bonds and gold
Potential for increased portfolio diversification
Low Correlation with Traditional Asset Classes
13
Source: Morningstar. Data as of July 31, 2019. US Bonds is measured by the Bloomberg Barclays US Aggregate Index; Gold is measured by the S&P GSCI Gold Spot Index; US Real Estate is measured by the MSCI US REIT Index; Oil is measured by the Brent Crude oil spot price, Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index. See disclaimers and index descriptions at the end of this presentation.
Correlation 2/1/2012 to 7/31/2019 S&P 500 US Bonds Bitcoin Gold US Real Estate Oil
Emerging Market Currencies
S&P 500 - -0.28 0.01 -0.04 0.59 0.32 0.29US Bonds -0.28 - 0.03 0.26 0.12 -0.17 0.09Bitcoin 0.01 0.03 - 0.03 0.04 -0.05 -0.01Gold -0.04 0.26 0.03 - 0.07 0.09 0.31US Real Estate 0.59 0.12 0.04 0.07 - 0.12 0.27Oil 0.32 -0.17 -0.05 0.09 0.12 - 0.26Emerging Market Currencies 0.29 0.10 -0.01 0.31 0.27 0.23 -
Correlation Matrix
InvestmentCorrelation 2/1/2012 to 7/31/2019S&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currencies
1 S&P 500 TR (1989)S&P 500--0.280.01-0.040.590.320.29
2 BBgBarc US Agg Bond TR USDUS Bonds-0.28-0.030.260.12-0.170.09
3 MVIS CryptoCompare Bitcoin PR USDBitcoin0.010.03-0.030.04-0.05-0.01
4 S&P GSCI Gold SpotGold-0.040.260.03-0.070.090.31
5 MSCI US REIT PR USDUS Real Estate0.590.120.040.07-0.120.27
6 Oil Price Brent Crude PROil0.32-0.17-0.050.090.12-0.26
7 BBgBarc EM Local Currency Govt TR USDEmerging Market Currencies0.290.10-0.010.310.270.23-
Correlation 2/1/2012 to 7/31/2019S&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currencies
S&P 500--0.280.010.330.63-0.040.29
US Bonds-0.28-0.03-0.200.110.270.09
Bitcoin0.010.03--0.050.040.03-0.01
Gold0.33-0.20-0.05-0.160.110.27
US Real Estate0.630.110.040.16-0.070.29
Oil-0.040.270.030.110.07-0.31
Emerging Market Currencies0.290.09-0.010.270.290.31-
-
Bitcoin may enhance the risk and return reward profile of institutional investment portfolios A small allocation to bitcoin significantly enhanced the cumulative return of a 60% equity and
40% bonds portfolio allocation mix while only minimally impacting its volatility
A Small Bitcoin Allocation May Improve Portfolio Upside
Source: Morningstar. Data ss of 07/31/2019. Please see important disclosures at the end of this presentation.
14
0
50
100
150
200
250
Cumu
lative
Retu
rn %
Assymetric Return Profile2/1/2012 - 7/31/2019
60% EQ / 40% BD 59.75% EQ / 39.75% BD / 0.5% BTC 59.5% EQ / 39.5% BD / 1% BTC
58.5% EQ / 38.5% BD / 3% BTC S&P 500 Bloomberg Barclays US Agg
Cumulative Return Annualized Return Std Dev BetaS&P 500 165.69 13.92 11.17 1.00Bloomberg Barclays US Agg 21.91 2.68 2.85 -0.0360% EQ / 40% BD 97.15 9.47 6.68 0.5959.75% EQ / 39.75% BD / 0.5% BTC 110.56 10.44 6.85 0.6059.5% EQ / 39.5% BD / 1% BTC 124.71 11.40 7.16 0.6158.5% EQ / 38.5% BD / 3% BTC 189.49 15.23 9.39 0.65
-
As the digital asset industry has matured, Bitcoin decouples from small caps and drives large-cap index performance
Bitcoin to small cap performance difference has been 139% and the large cap to small cap performance difference has been approximately 40% in the past year as illustrated by the below indices
Bitcoin and Large-Caps Decouple From Small-Caps
15
Source: Bloomberg/MVIS, Data as of 07/15/2019. Please see important disclosures at the end of this presentation.
177.01%
78.23%
38.49%
-50%
0%
50%
100%
150%
200%
250%
300%
Cumulative Performance
MVIS CryptoCompare Bitcoin Price MVIS CryptoCompare Digital Assets 10 MVIS CryptoCompare Digital Assets 100 Small-Cap
-
Bitcoin risks to consider include:
Hacking of trading platforms and participants in the life cycle of a trade (usually social engineering)
Price volatility
Encryption vulnerability; developments in quantum computing (which would increase success of private key hacking; credit cards more vulnerable nevertheless)
Novelty/extreme early stage of many applications
Unintentional coding error
Governance shortcomings
Can miners and developers “run” the “core” software? (Linux is a good example for successful execution)
Ecosystem design
Will payments continue to sustain processing and verification activities
Bitcoin Market Structure Risks
16
-
State Regulation
‒ Colorado exempts crypto from state securities regulation
‒ Wyoming recognized crypto as property, allows banks to be custodians, enables tokenization
Physically Settled Bitcoin Futures receive regulatory approval
Established custodians enter crypto
Established brokerages to offer spot digital asset trading.
Pension funds and endowments allocate to digital assets.
Global regulators start cracking down on ICOs/unregistered offerings. Bitcoin is different.
ETFs under consideration. VanEck-SolidX proposal is at the top of the pile.
Heavy Momentum in Crypto Developments
17
Please see important disclosures at the end of this presentation.
-
18
Accelerating Bitcoin Adoption
-
Bitfinex makes over $400 million1: Top 650 of U.S. companies; Binance in the same range
Liquidity…Bitcoin daily volume over $2 billion2
Bitcoin and crypto became more available to retail investors‒ Swiss Exchange offers crypto trading (no Europe equity exchanges)‒ Robinhood, TD and Etrade offer trading in crypto‒ Etoro, large crypto broker, offers commission-free trading in ETFs‒ Exchange-standard surveillance software implemented by crypto exchanges‒ OTC crypto brokers offer price feed to market through MVIS
CME futures contracts top 25,000 BTC open interest, $350 million notional3
Crypto exchanges use best practices, such as surveillance and accounting software
Exchanges are the target of hackers but can reimburse losses(Binance refunds $40 million in losses from insurance fund)4
Crypto Exchanges are Healthy: Not Going Away
19
1 Bitfinex. Data as of 5/8/20192 Cryptocompare. Data as of 7/10/20193 CME. Data as of 6/24/2019.4 Binance.Please see important disclosures at the end of this presentation.
-
CME Bitcoin Futures Contract Sets New Trading Record
20
Source: CME Group. Data as of 6/24/2019. Please see important disclosures at the end of this presentation.
1,523
2,405
2,873
3,356
3,822
4,560
0
5,000
10,000
15,000
20,000
25,000
30,000
0
1,000
2,000
3,000
4,000
5,000
6,000
# of E
quiva
lent B
itcoi
n
# of B
TC C
ontra
cts
CME Bitcoin Futures Average Daily Open Interest
-
Bitcoin Trading is Not Concentrated
21
Source: Bitcoinity. Data as of June 2019.
1 Month 6 Months
Exchange Volume (BTC) Market ShareCoinbase 783K 22.40%Bitfinex 527K 15.07%Kraken 524K 15.00%Bitstamp 416K 11.90%Bit-X 409K 11.68%bitFlyer 272K 7.79%Bithumb 234K 6.69%Others 162K 4.62%Gemini 87K 2.48%BitBay 83K 2.37%
Coinbase
Bitfinex
KrakenBitstamp
Bit-x
bitFly er
BithumbOthers Gemini
BitBay
Coinbase Bitfinex Kraken Bitstamp Bit-xbitFlyer Bithumb Others Gemini BitBay
Exchange Volume (BTC) Market ShareCoinbase 2.80M 19.15%Bitfinex 2.42M 16.55%Kraken 2.21M 15.13%Bitstamp 1.87M 12.80%Bit-X 1.52M 10.37%Others 1.03M 7.02%bitFlyer 1.02M 6.94%Bithumb 934K 6.38%Gemini 475K 3.24%Itbit 345K 2.42%
Coinbase
Bitfinex
KrakenBitstamp
Bit-x
Others
bitFly er
BithumbGemini Itbit
Coinbase Bitfinex Kraken Bitstamp Bit-xOthers bitFlyer Bithumb Gemini Itbit
1 Month Platform market share
Timebit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers
2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex1.80m31.81%
Kraken774K13.68%Kraken774k13.68%
Coinbase745K13.17%Coinbase745k13.17%
Bitflyer714K12.63%Bitflyer714k12.63%
Bitstamp626K11.07%Bitstamp626k11.07%
Others328K5.80%Others328k5.80%
Gemini224K3.97%Gemini224k3.97%
Hitbtc193K3.42%Hitbtc193k3.42%
Bit-x151K2.67%Bit-x151k2.67%
Itbit101K1.78%Itbit101k1.78%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
1 Month Market Share 6-30-18
TimeBitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini
27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex683k27.83%
Kraken774K13.68%Bitstamp270k11.01%
Coinbase745K13.17%Coinbase266k10.86%
Bitflyer714K12.63%Kraken261k10.62%
Bitstamp626K11.07%Hitbtc254k10.37%
Others328K5.80%Bitflyer221k9.02%
Gemini224K3.97%Others166k6.76%
Hitbtc193K3.42%Bit-X139k5.66%
Bit-x151K2.67%Itbit99.5k4.05%
Itbit101K1.78%Gemini93.7k3.82%
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
1 Month Market Share 2-28-19
TimeBitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay
20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%
ExchangeVolume (BTC)Market Share
20.27%Bitfinex352k20.27%
17.45%Coinbase303k17.45%
15.34%Kraken266k15.34%
14.66%Bitstamp255k14.66%
10.48%Bit-X182k10.48%
6.95%Bitflyer121k6.95%
5.65%Others98.2k5.65%
4.00%Gemini69.5k4.00%
3.08%Itbit53.4k3.08%
2.13%Bitbay37.0k2.12%
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
6 Mo Market Share 2-28-19
TimeBitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay
22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%
ExchangeVolume (BTC)Market Share
Bitfinex3.56m22.12%
Bitfinex22.12%Bit-x2.94m18.28%
Bit-x18.28%Coinbase2.20m13.63%
Coinbase13.63%Kraken2.04m12.66%
Kraken12.66%Bitstamp1.69m10.47%
Bitstamp10.47%Bitflyer1.19m7.41%
Bitflyer7.41%Others917k5.69%
Others5.69%Itbit710k4.41%
Itbit4.41%Gemini619k3.84%
Gemini3.84%Bitbay239k1.49%
Bitbay1.49%
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
1 Mo Market Share 6302019
TimeCoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay
22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Coinbase783K22.40%Coinbase783K22.40%
Bitfinex527K15.07%Bitfinex527K15.07%
Kraken524K15.00%Kraken524K15.00%
Bitstamp416K11.90%Bitstamp416K11.90%
Bit-X409K11.68%Bit-X409K11.68%
bitFlyer272K7.79%bitFlyer272K7.79%
Bithumb234K6.69%Bithumb234K6.69%
Others162K4.62%Others162K4.62%
Gemini87K2.48%Gemini87K2.48%
BitBay83K2.37%BitBay83K2.37%
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
Sheet1
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers
2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%
ExchangeVolume (BTC)Market Share
Bitfinex10.9m32.29%
Coinbase5.07m14.99%
Bitflyer1.15m12.27%
Bitstamp3.69m10.90%
Kraken3.14m9.27%
Others2.48m7.33%
Gemini1.60m4.74%
Hitbtc1.12m3.30%
Korbit849k2.51%
Bit-x813k2.40%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers2.4E-20.322900000000000020.12270.1090.149900000000000014.7399999999999998E-23.3000000000000002E-22.5100000000000001E-29.2700000000000005E-27.3300000000000004E-2
6 Mo Market Share 6-30-18
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit
30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%
ExchangeVolume (BTC)Market Share
Bitfinex7.81m30.17%
Coinbase3.47m13.38%
Bitflyer3.22m12.42%
Kraken3.00m11.60%
Bitstamp2.95m11.37%
Others1.66m6.41%
Hitbtc1.25m4.82%
Gemini1.04m4.02%
Bit-X848k3.27%
Itbit661k2.55%
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit0.301700000000000020.13380.12420.116000000000000010.11376.4100000000000004E-24.82E-24.02E-23.27E-22.5499999999999998E-2
Chart1
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
1 Month Platform market share
Timebit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers
2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex1.80m31.81%
Kraken774K13.68%Kraken774k13.68%
Coinbase745K13.17%Coinbase745k13.17%
Bitflyer714K12.63%Bitflyer714k12.63%
Bitstamp626K11.07%Bitstamp626k11.07%
Others328K5.80%Others328k5.80%
Gemini224K3.97%Gemini224k3.97%
Hitbtc193K3.42%Hitbtc193k3.42%
Bit-x151K2.67%Bit-x151k2.67%
Itbit101K1.78%Itbit101k1.78%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
1 Month Market Share 6-30-18
TimeBitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini
27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex683k27.83%
Kraken774K13.68%Bitstamp270k11.01%
Coinbase745K13.17%Coinbase266k10.86%
Bitflyer714K12.63%Kraken261k10.62%
Bitstamp626K11.07%Hitbtc254k10.37%
Others328K5.80%Bitflyer221k9.02%
Gemini224K3.97%Others166k6.76%
Hitbtc193K3.42%Bit-X139k5.66%
Bit-x151K2.67%Itbit99.5k4.05%
Itbit101K1.78%Gemini93.7k3.82%
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
1 Month Market Share 2-28-19
TimeBitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay
20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%
ExchangeVolume (BTC)Market Share
20.27%Bitfinex352k20.27%
17.45%Coinbase303k17.45%
15.34%Kraken266k15.34%
14.66%Bitstamp255k14.66%
10.48%Bit-X182k10.48%
6.95%Bitflyer121k6.95%
5.65%Others98.2k5.65%
4.00%Gemini69.5k4.00%
3.08%Itbit53.4k3.08%
2.13%Bitbay37.0k2.12%
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
6 Mo Market Share 2-28-19
TimeBitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay
22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%
ExchangeVolume (BTC)Market Share
Bitfinex3.56m22.12%
Bitfinex22.12%Bit-x2.94m18.28%
Bit-x18.28%Coinbase2.20m13.63%
Coinbase13.63%Kraken2.04m12.66%
Kraken12.66%Bitstamp1.69m10.47%
Bitstamp10.47%Bitflyer1.19m7.41%
Bitflyer7.41%Others917k5.69%
Others5.69%Itbit710k4.41%
Itbit4.41%Gemini619k3.84%
Gemini3.84%Bitbay239k1.49%
Bitbay1.49%
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
1 Mo Market Share 6302019
TimeCoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay
22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Coinbase783K22.40%Coinbase783K22.40%
Bitfinex527K15.07%Bitfinex527K15.07%
Kraken524K15.00%Kraken524K15.00%
Bitstamp416K11.90%Bitstamp416K11.90%
Bit-X409K11.68%Bit-X409K11.68%
bitFlyer272K7.79%bitFlyer272K7.79%
Bithumb234K6.69%Bithumb234K6.69%
Others162K4.62%Others162K4.62%
Gemini87K2.48%Gemini87K2.48%
BitBay83K2.37%BitBay83K2.37%
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
Sheet1
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers
2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%
ExchangeVolume (BTC)Market Share
Bitfinex10.9m32.29%
Coinbase5.07m14.99%
Bitflyer1.15m12.27%
Bitstamp3.69m10.90%
Kraken3.14m9.27%
Others2.48m7.33%
Gemini1.60m4.74%
Hitbtc1.12m3.30%
Korbit849k2.51%
Bit-x813k2.40%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers2.4E-20.322900000000000020.12270.1090.149900000000000014.7399999999999998E-23.3000000000000002E-22.5100000000000001E-29.2700000000000005E-27.3300000000000004E-2
6 Mo Market Share 6-30-18
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit
30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%
ExchangeVolume (BTC)Market Share
Bitfinex7.81m30.17%
Coinbase3.47m13.38%
Bitflyer3.22m12.42%
Kraken3.00m11.60%
Bitstamp2.95m11.37%
Others1.66m6.41%
Hitbtc1.25m4.82%
Gemini1.04m4.02%
Bit-X848k3.27%
Itbit661k2.55%
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit0.301700000000000020.13380.12420.116000000000000010.11376.4100000000000004E-24.82E-24.02E-23.27E-22.5499999999999998E-2
1 Month Platform market share
Timebit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers
2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex1.80m31.81%
Kraken774K13.68%Kraken774k13.68%
Coinbase745K13.17%Coinbase745k13.17%
Bitflyer714K12.63%Bitflyer714k12.63%
Bitstamp626K11.07%Bitstamp626k11.07%
Others328K5.80%Others328k5.80%
Gemini224K3.97%Gemini224k3.97%
Hitbtc193K3.42%Hitbtc193k3.42%
Bit-x151K2.67%Bit-x151k2.67%
Itbit101K1.78%Itbit101k1.78%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
1 Month Market Share 6-30-18
TimeBitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini
27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex683k27.83%
Kraken774K13.68%Bitstamp270k11.01%
Coinbase745K13.17%Coinbase266k10.86%
Bitflyer714K12.63%Kraken261k10.62%
Bitstamp626K11.07%Hitbtc254k10.37%
Others328K5.80%Bitflyer221k9.02%
Gemini224K3.97%Others166k6.76%
Hitbtc193K3.42%Bit-X139k5.66%
Bit-x151K2.67%Itbit99.5k4.05%
Itbit101K1.78%Gemini93.7k3.82%
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
1 Month Market Share 2-28-19
TimeBitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay
20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%
ExchangeVolume (BTC)Market Share
20.27%Bitfinex352k20.27%
17.45%Coinbase303k17.45%
15.34%Kraken266k15.34%
14.66%Bitstamp255k14.66%
10.48%Bit-X182k10.48%
6.95%Bitflyer121k6.95%
5.65%Others98.2k5.65%
4.00%Gemini69.5k4.00%
3.08%Itbit53.4k3.08%
2.13%Bitbay37.0k2.12%
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
6 Mo Market Share 2-28-19
TimeBitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay
22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%
ExchangeVolume (BTC)Market Share
Bitfinex3.56m22.12%
Bitfinex22.12%Bit-x2.94m18.28%
Bit-x18.28%Coinbase2.20m13.63%
Coinbase13.63%Kraken2.04m12.66%
Kraken12.66%Bitstamp1.69m10.47%
Bitstamp10.47%Bitflyer1.19m7.41%
Bitflyer7.41%Others917k5.69%
Others5.69%Itbit710k4.41%
Itbit4.41%Gemini619k3.84%
Gemini3.84%Bitbay239k1.49%
Bitbay1.49%
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
1 Mo Market Share 6302019
TimeCoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay
22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Coinbase783K22.40%Coinbase783K22.40%
Bitfinex527K15.07%Bitfinex527K15.07%
Kraken524K15.00%Kraken524K15.00%
Bitstamp416K11.90%Bitstamp416K11.90%
Bit-X409K11.68%Bit-X409K11.68%
bitFlyer272K7.79%bitFlyer272K7.79%
Bithumb234K6.69%Bithumb234K6.69%
Others162K4.62%Others162K4.62%
Gemini87K2.48%Gemini87K2.48%
BitBay83K2.37%BitBay83K2.37%
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
6 Mo Market Share 6302019
TimeCoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit
19.15%16.55%15.13%12.80%10.37%7.02%6.94%6.38%3.24%2.42%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Coinbase2.80M19.15%Coinbase2.80M19.15%
Bitfinex2.42M16.55%Bitfinex2.42M16.55%
Kraken2.21M15.13%Kraken2.21M15.13%
Bitstamp1.87M12.80%Bitstamp1.87M12.80%
Bit-X1.52M10.37%Bit-X1.52M10.37%
Others1.03M7.02%Others1.03M7.02%
bitFlyer1.02M6.94%bitFlyer1.02M6.94%
Bithumb934K6.38%Bithumb934K6.38%
Gemini475K3.24%Gemini475K3.24%
Itbit345K2.42%Itbit345K2.42%
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
Sheet1
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers
2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%
ExchangeVolume (BTC)Market Share
Bitfinex10.9m32.29%
Coinbase5.07m14.99%
Bitflyer1.15m12.27%
Bitstamp3.69m10.90%
Kraken3.14m9.27%
Others2.48m7.33%
Gemini1.60m4.74%
Hitbtc1.12m3.30%
Korbit849k2.51%
Bit-x813k2.40%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers2.4E-20.322900000000000020.12270.1090.149900000000000014.7399999999999998E-23.3000000000000002E-22.5100000000000001E-29.2700000000000005E-27.3300000000000004E-2
6 Mo Market Share 6-30-18
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit
30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%
ExchangeVolume (BTC)Market Share
Bitfinex7.81m30.17%
Coinbase3.47m13.38%
Bitflyer3.22m12.42%
Kraken3.00m11.60%
Bitstamp2.95m11.37%
Others1.66m6.41%
Hitbtc1.25m4.82%
Gemini1.04m4.02%
Bit-X848k3.27%
Itbit661k2.55%
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit0.301700000000000020.13380.12420.116000000000000010.11376.4100000000000004E-24.82E-24.02E-23.27E-22.5499999999999998E-2
Chart2
CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0.19150.165500000000000010.151299999999999990.1280.10377.0199999999999999E-26.9400000000000003E-26.3799999999999996E-23.2399999999999998E-22.4199999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0.19150.165500000000000010.151299999999999990.1280.10377.0199999999999999E-26.9400000000000003E-26.3799999999999996E-23.2399999999999998E-22.4199999999999999E-2
1 Month Platform market share
Timebit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers
2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex1.80m31.81%
Kraken774K13.68%Kraken774k13.68%
Coinbase745K13.17%Coinbase745k13.17%
Bitflyer714K12.63%Bitflyer714k12.63%
Bitstamp626K11.07%Bitstamp626k11.07%
Others328K5.80%Others328k5.80%
Gemini224K3.97%Gemini224k3.97%
Hitbtc193K3.42%Hitbtc193k3.42%
Bit-x151K2.67%Bit-x151k2.67%
Itbit101K1.78%Itbit101k1.78%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2
1 Month Market Share 6-30-18
TimeBitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini
27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Bitfinex1.80M31.81%Bitfinex683k27.83%
Kraken774K13.68%Bitstamp270k11.01%
Coinbase745K13.17%Coinbase266k10.86%
Bitflyer714K12.63%Kraken261k10.62%
Bitstamp626K11.07%Hitbtc254k10.37%
Others328K5.80%Bitflyer221k9.02%
Gemini224K3.97%Others166k6.76%
Hitbtc193K3.42%Bit-X139k5.66%
Bit-x151K2.67%Itbit99.5k4.05%
Itbit101K1.78%Gemini93.7k3.82%
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2
1 Month Market Share 2-28-19
TimeBitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay
20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%
ExchangeVolume (BTC)Market Share
20.27%Bitfinex352k20.27%
17.45%Coinbase303k17.45%
15.34%Kraken266k15.34%
14.66%Bitstamp255k14.66%
10.48%Bit-X182k10.48%
6.95%Bitflyer121k6.95%
5.65%Others98.2k5.65%
4.00%Gemini69.5k4.00%
3.08%Itbit53.4k3.08%
2.13%Bitbay37.0k2.12%
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2
6 Mo Market Share 2-28-19
TimeBitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay
22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%
ExchangeVolume (BTC)Market Share
Bitfinex3.56m22.12%
Bitfinex22.12%Bit-x2.94m18.28%
Bit-x18.28%Coinbase2.20m13.63%
Coinbase13.63%Kraken2.04m12.66%
Kraken12.66%Bitstamp1.69m10.47%
Bitstamp10.47%Bitflyer1.19m7.41%
Bitflyer7.41%Others917k5.69%
Others5.69%Itbit710k4.41%
Itbit4.41%Gemini619k3.84%
Gemini3.84%Bitbay239k1.49%
Bitbay1.49%
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2
1 Mo Market Share 6302019
TimeCoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay
22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Coinbase783K22.40%Coinbase783K22.40%
Bitfinex527K15.07%Bitfinex527K15.07%
Kraken524K15.00%Kraken524K15.00%
Bitstamp416K11.90%Bitstamp416K11.90%
Bit-X409K11.68%Bit-X409K11.68%
bitFlyer272K7.79%bitFlyer272K7.79%
Bithumb234K6.69%Bithumb234K6.69%
Others162K4.62%Others162K4.62%
Gemini87K2.48%Gemini87K2.48%
BitBay83K2.37%BitBay83K2.37%
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2
6 Mo Market Share 6302019
TimeCoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit
19.15%16.55%15.13%12.80%10.37%7.02%6.94%6.38%3.24%2.42%
ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share
Coinbase2.80M19.15%Coinbase2.80M19.15%
Bitfinex2.42M16.55%Bitfinex2.42M16.55%
Kraken2.21M15.13%Kraken2.21M15.13%
Bitstamp1.87M12.80%Bitstamp1.87M12.80%
Bit-X1.52M10.37%Bit-X1.52M10.37%
Others1.03M7.02%Others1.03M7.02%
bitFlyer1.02M6.94%bitFlyer1.02M6.94%
Bithumb934K6.38%Bithumb934K6.38%
Gemini475K3.24%Gemini475K3.24%
Itbit345K2.42%Itbit345K2.42%
CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0.19150.165500000000000010.151299999999999990.1280.10377.0199999999999999E-26.9400000000000003E-26.3799999999999996E-23.2399999999999998E-22.4199999999999999E-2
CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0.19150.165500000000000010.151299999999999990.1280.10377.0199999999999999E-26.9400000000000003E-26.3799999999999996E-23.2399999999999998E-22.4199999999999999E-2
Sheet1
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers
2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%
ExchangeVolume (BTC)Market Share
Bitfinex10.9m32.29%
Coinbase5.07m14.99%
Bitflyer1.15m12.27%
Bitstamp3.69m10.90%
Kraken3.14m9.27%
Others2.48m7.33%
Gemini1.60m4.74%
Hitbtc1.12m3.30%
Korbit849k2.51%
Bit-x813k2.40%
bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers2.4E-20.322900000000000020.12270.1090.149900000000000014.7399999999999998E-23.3000000000000002E-22.5100000000000001E-29.2700000000000005E-27.3300000000000004E-2
6 Mo Market Share 6-30-18
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit
30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%
ExchangeVolume (BTC)Market Share
Bitfinex7.81m30.17%
Coinbase3.47m13.38%
Bitflyer3.22m12.42%
Kraken3.00m11.60%
Bitstamp2.95m11.37%
Others1.66m6.41%
Hitbtc1.25m4.82%
Gemini1.04m4.02%
Bit-X848k3.27%
Itbit661k2.55%
BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit0.301700000000000020.13380.12420.116000000000000010.11376.4100000000000004E-24.82E-24.02E-23.27E-22.5499999999999998E-2
-
2.1%
14.7%
25.1%
20.2%
24.7%
8.6%
3.5%0.9% 0.1% 0.0%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
% BT
C Ow
ned
in V
ario
us W
allet
Ran
ges
100,000 - 1,000,000 10,000 - 100,000 1,000 - 10,000 100 - 1,000 10 - 100 1.0-10 0.1 - 1 0.01 - 0.1 0.001 - 0.01 0 - 0.001
Caveat Multiple wallets per person Digital asset exchange wallets
represent bitcoin holdings of multiple persons
Bitcoin Ownership Seems Well Distributed/Not Concentrated
22
Source: Bitcoin Blockchain; as of July 2019.
Amount BTC Owned
Number of Wallets
Amount USD Owned Total % Owned
Cumultative % Owned
100,000 - 1,000,000 3 4,059,989,007 2.1% 2.1%10,000 - 100,000 115 27,920,455,571 14.7% 16.8%
1,000 - 10,000 1857 47,829,664,968 25.1% 42.0%100 - 1,000 14199 38,479,936,713 20.2% 62.2%
10 - 100 134694 47,043,087,453 24.7% 86.9%1.0-10 585866 16,378,291,621 8.6% 95.5%0.1 - 1 1971924 6,613,595,738 3.5% 99.0%
0.01 - 0.1 4667132 1,644,668,550 0.9% 99.9%0.001 - 0.01 5968069 258,169,639 0.1% 100.0%
0 - 0.001 12806108 27,379,675 0.0% 100.0%
Chart1
100,000 - 1,000,000
10,000 - 100,0002.1299999999999999E-210,000 - 100,000
10,000 - 100,0000.146800000000000011,000 - 10,000
10,000 - 100,0000.25140000000000001100 - 1,000
10,000 - 100,0000.2023000000000000110 - 100
0.247299999999999991.0-10
8.6099999999999996E-20.1 - 1
3.4799999999999998E-20.01 - 0.1
8.6E-30.001 - 0.01
1.4E-30 - 0.001
1E-4
% BTC Owned in Various Wallet Ranges
Bitcoin Ownership
data fromhttps://bitinfocharts.com/top-100-richest-bitcoin-addresses.
data as of 3/13/2019
Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned
100,000 - 1,000,00052,218,916,9423.3%3.3%
10,000 - 100,0001018,711,437,68012.8%16.0%
1,000 - 10,000177217,033,928,87125.0%41.0%
100 - 1,0001462414,338,235,58221.0%62.0%
10 - 10013478317,095,952,09025.1%87.1%
1.0-105775555,881,026,9798.6%95.7%
0.1 - 118621192,299,202,5993.4%99.1%
0.01 - 0.14256030543,244,4720.8%99.9%
0.001 - 0.01527274083,467,1800.1%100.0%
0 - 0.001113686438,868,0270.0%100.0%
Bitcoin distribution
Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned% Coins (Total)
10100,000 - 1,000,00052,218,916,9423.3%3.3%3.25% (3.25%)
910,000 - 100,0001018,711,437,68012.8%16.0%12.77% (16.02%)
81,000 - 10,000177217,033,928,87125.0%41.0%24.97% (40.99%)
7100 - 1,0001462414,338,235,58221.0%62.0%21.02% (62.01%)
610 - 10013478317,095,952,09025.1%87.1%25.06% (87.08%)
51.0-105775555,881,026,9798.6%95.7%8.62% (95.7%)
40.1 - 118621192,299,202,5993.4%99.1%3.37% (99.07%)
30.01 - 0.14256030543,244,4720.8%99.9%0.8% (99.86%)
20.001 - 0.01527274083,467,1800.1%100.0%0.12% (99.99%)
10 - 0.001113686438,868,0270.0%100.0%0.01% (100%)
100,000 - 1,000,000
10,000 - 100,0003.2500000000000001E-210,000 - 100,000
10,000 - 100,0000.127700000000000011,000 - 10,000
10,000 - 100,0000.24970000000000001100 - 1,000
10,000 - 100,0000.210210 - 100
0.250599999999999991.0-10
8.6199999999999999E-20.1 - 1
3.3700000000000001E-20.01 - 0.1
8.0000000000000002E-30.001 - 0.01
1.1999999999999999E-30 - 0.001
1E-4
% BTC Owned in Various Wallet Ranges
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.
Sheet1
data fromhttps://bitinfocharts.com/top-100-richest-bitcoin-addresses.
data as of 3/13/2019
Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned
100,000 - 1,000,00034,059,989,0072.1%2.1%
10,000 - 100,00011527,920,455,57114.7%16.8%
1,000 - 10,000185747,829,664,96825.1%42.0%
100 - 1,0001419938,479,936,71320.2%62.2%
10 - 10013469447,043,087,45324.7%86.9%
1.0-1058586616,378,291,6218.6%95.5%
0.1 - 119719246,613,595,7383.5%99.0%
0.01 - 0.146671321,644,668,5500.9%99.9%
0.001 - 0.015968069258,169,6390.1%100.0%
0 - 0.0011280610827,379,6750.0%100.0%
Bitcoin distribution
Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned% Coins (Total)
10100,000 - 1,000,00034,059,989,0072.1%2.1%2.13% (2.13%)
910,000 - 100,00011527,920,455,57114.7%16.8%14.68% (16.81%)
81,000 - 10,000185747,829,664,96825.1%42.0%25.14% (41.95%)
7100 - 1,0001419938,479,936,71320.2%62.2%20.23% (62.17%)
610 - 10013469447,043,087,45324.7%86.9%24.73% (86.9%)
51.0-1058586616,378,291,6218.6%95.5%8.61% (95.51%)
40.1 - 119719246,613,595,7383.5%99.0%3.48% (98.99%)
30.01 - 0.146671321,644,668,5500.9%99.9%0.86% (99.85%)
20.001 - 0.015968069258,169,6390.1%100.0%0.14% (99.99%)
10 - 0.0011280610827,379,6750.0%100.0%0.01% (100%)
BalanceAddresses% Addresses (Total)Coins$USD% Coins (Total)
10[100,000 - 1,000,000)30% (0%)379,653 BTC4,059,989,0072.13% (2.13%)
9[10,000 - 100,000)1150% (0%)2,610,868 BTC27,920,455,57114.68% (16.81%)
8[1,000 - 10,000)18570.01% (0.01%)4,472,596 BTC47,829,664,96825.14% (41.95%)
7[100 - 1,000)141990.05% (0.06%)3,598,295 BTC38,479,936,71320.23% (62.17%)
6[10 - 100)1346940.52% (0.58%)4,399,043 BTC47,043,087,45324.73% (86.9%)
5[1 - 10)5858662.24% (2.82%)1,531,549 BTC16,378,291,6218.61% (95.51%)
4[0.1 - 1)19719247.54% (10.36%)618,443 BTC6,613,595,7383.48% (98.99%)
3[0.01 - 0.1)466713217.85% (28.21%)153,794 BTC1,644,668,5500.86% (99.85%)
2[0.001 - 0.01)596806922.82% (51.03%)24,142 BTC258,169,6390.14% (99.99%)
1(0 - 0.001)1280610848.97% (100%)2,560 BTC27,379,6750.01% (100%)
100,000 - 1,000,000
10,000 - 100,0002.1299999999999999E-210,000 - 100,000
10,000 - 100,0000.146800000000000011,000 - 10,000
10,000 - 100,0000.25140000000000001100 - 1,000
10,000 - 100,0000.2023000000000000110 - 100
0.247299999999999991.0-10
8.6099999999999996E-20.1 - 1
3.4799999999999998E-20.01 - 0.1
8.6E-30.001 - 0.01
1.4E-30 - 0.001
1E-4
% BTC Owned in Various Wallet Ranges
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.
Pie Chart
Time
2/15/141.3573135132
2/16/141.1486197082
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6/1/140.9791818889
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6/4/141.6093599104
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9/19/1424.0314861239
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1/1/155.0832466861
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