March 29, 2024

Study: the volume of bitcoin transactions between exchanges amounted to $ 15 billion in the first quarter of 2020

The total amount of bitcoins directly transferredbetween exchanges in the first quarter of 2020, amounted to $ 15 billion, which is almost twice as much as in 2019. This is stated in the Crystal Blockchain study.

For the indicated period of 2019 of the previous year, the volume of bitcoin transactions between exchanges amounted to $ 8.2 billion.

In preparing the report, the researchersanalyzed the history of transactions between 436 exchanges from 70 different countries during the period from 2013 to I quarter of 2020. One of the main goals was to trace how the bitcoin market has changed over the three periods of evolution of regulation of cryptocurrency exchanges and its reaction to such external factors as global financial fluctuations and tightening of regulation.

After last year's G20 countriesannounced that the FATF guidelines and the 5th EU Anti-Money Laundering Directive (5AMLD) will be applied to the cryptocurrency market, the Crystal Blockchain team focused in its reports mainly on transactions between G20 countries.

Some key findings from Crystal Blockchain Bitcoin Flow Analytics Report:

  • By the end of the first quarter of 2020, the countries with the largest number of registered exchanges were the United Kingdom, Hong Kong, Singapore, and the United States.
  • Almost 17.7% of all surveyed global exchanges have no jurisdiction, or this information is not publicly available.
  • Due to tightening regulation, the share of all transfers of bitcoins between exchanges from the G20 group almost halved compared to 2013 and Q1 2020.
  • In the first quarter of 2020, the total amount of bitcoins directly transferred between exchanges amounted to $ 15 billion, which is almost double the $ 8.2 billion transferred in the first quarter of 2019.
  • In Q1 2020 to Seychellesaccounted for about 37% of the total exchange of bitcoins, while in the UK, for example, there was a completely larger number of exchange transactions. Such a large volume is probably due to the fact that a number of well-known exchanges are registered in the Seychelles.

You can see this data and download the full report on the interactive Bitcoin Flows Analytics map.

Recall, according to a study by The Block andBlockchain Association, more than 85% of employees in the cryptocurrency space work in companies focused on three main areas: exchanges, development and mining.