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Exchange Market Segmentation
From October to November, spot volumes constituted three quarters of total market volumes on average (7.3 billion USD) compared to futures volumes (2.3 billion USD). Average futures volumes1 decreased 28% since last month on average, while average spot volumes increased by 5%.
Exchanges with taker fees represented just under 89% (~6.6 billion USD) of daily exchange spot market volumes. Exchanges that implement transaction-fee mining represent just over 8% (~619 million USD) of the total spot market, while those that offer no-fee spot trading represent just over 2% of the market.
Exchanges that offer fiat to crypto pairs constitute a third of daily spot market volumes on average. Fiat to crypto exchange volumes averaged 2.73 billion USD while those that offer only crypto to crypto pairs averaged 4.54 billion USD. In terms of exchange count, more exchanges offer fiat to crypto pairs (57%) than those that offer only crypto to crypto pairs (43%).
Bithumb overtook Binance as the top exchange in terms of 24h volume with an average of 1.24 billion USD. Binance (641 million USD) and ZB (560 million USD) traded the second and third highest volumes respectively. Yobit continues to offer the highest number of pairs at 7,032, followed by Cryptopia (4,321) and CCEX (2,140).
Bitcoin to Fiat Volumes
Bitcoin trading to Korean Won (KRW) dominated BTC to fiat spot volumes from the 7th of October to the 11th of November, representing 50% of all volumes on average. This is a 400% increase compared to those seen between the 15th of September to the 7th of October,