Coinmico Research
Writes Coinmico Research on market structure, exchanges and on-chain flows, working from the trades Coinmico measures itself.
5 published pieces · Profile
In six hours on 23 September, Binance printed 30,407 bitcoin trades at a median of $6. Another venue that out-ranks it on weekly volume printed 4,031 trades at a median of $1.55 — and an average of $12,851. The shape of the trades tells you more than the total, and it is the reason our index weights venues the way it does.
Shafira·Sep 23, 2026·7 min read
We indexed 12.8 million DEX swaps worth $9.8 billion over seven days. Ethereum mainnet produced 62% of the dollars from 12.5% of the swaps; Base produced 40% of the swaps for 22% of the dollars. The average trade on mainnet is $3,778. On BNB Chain it is $233.
Shafira·Sep 23, 2026·5 min read
A leveraged rally shows up as funding rates pinned at the cap and shorts being squeezed. This one shows neither. Funding on the three largest perp venues averaged 0.006% per eight hours, short liquidations never exceeded $16M a day, and the biggest liquidation days were longs being flushed on up-days.
Shafira·Sep 23, 2026·5 min read
Bitcoin rose 12.5% between 15 and 23 September. Korean won markets did not chase it. Upbit and Bithumb went from paying 0.9% above the global price to trading 2% below it — the widest discount in our data — while XRP, not bitcoin, remained the coin Korea trades most.
Shafira·Sep 23, 2026·5 min read
Bitcoin changed hands for $130 billion on spot markets last week, on our count. Five-sixths of it was priced in Tether, one-fourteenth in bank-account currencies, and a fifth of every day's trading happened in three afternoon hours.
Shafira·Sep 23, 2026·5 min read
