Exchanges

Venue coverage, listings, liquidity and the reliability of reported volume.

Two histograms of trade sizes side by side, one a dense low pile of small trades and one a sparse row of tall bars at large sizes

Trade-size fingerprints: what volume rankings miss, including ours

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

A line dipping from a green premium above zero to a red discount below zero while a bitcoin price line climbs behind it

Market structure Exchanges

The kimchi premium turned into a discount during the rally

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