The December Exchange Review provides an overview of current exchange market concentrations as well as a monthly evaluation of how spot volumes vs futures volumes have developed historically, including both crypto exchanges (BitMex and BitflyerFX) and traditional exchanges (CBOE and CME). We have also conducted an order book analysis which aims to highlight the most stable exchanges.

Key highlights:

• The top 10 exchanges represented more than 60% of total spot market volume in December. This has not changed significantly in recent months.
• Stablecoins: Tether (USDT) continues to represent the majority of Bitcoin trading into fiat or stable coins at 65% of total monthly volume in December.
• 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.
• Order Book Analysis: Among top exchanges, average order book depth down for their top 5 markets have fallen steadily, decreasing 22% since November.

Explore the full Exchange Review report for more data.