6 countries have more than 50% of BTC exchange traffic

[Daltonik]

Users from the United States, South Korea, Japan, India, Mexico, and Indonesia generate about half of the bitcoin exchange traffic. The greatest interest in cryptocurrencies is shown by residents of Singapore, South Korea, Switzerland and Venezuela. This data is contained in a new study by The Block

The traffic of cryptocurrency exchanges allows us to guess in which countries cryptocurrencies are used most actively, analysts are sure. According to them, the pseudo-anonymous nature of the blockchain on which digital assets are based does not allow us to find out directly.

The researchers used data from the Alexa and SimilarWeb services in October for the 30 most popular cryptocurrency exchanges. This approach allows you to evaluate the activity of retail investors, while large players often use the API.
Analysts noted the absence from the list of China and a number of other countries whose authorities block access using the Golden shield or its analogues. Residents of such countries are forced to rely on VPNs.

18.4% of the total traffic of bitcoin exchanges is in the United States; 11.4% - in South Korea; 8.5% — in Japan; 4.7% — in India; 4.3% — in Indonesia and 3.2% — in Mexico. In October, these countries accounted for a total of 50.5% of the 111.5 million visits.



Binance had the largest number of visitors, almost 31.5 million (28.2%). Coinbase came in second with 22.9 million sessions (20.5%). All other exchanges in October showed less than 6 million visits.

[stompix]

This data is contained in a new study by The Block
The traffic of cryptocurrency exchanges allows us to guess in which countries cryptocurrencies are used most actively, analysts are sure.

The moment you read in their "study" that there is more traffic from Andorra than France and Spain, is the moment you print it and go to the bathroom to use it.  

[jackg]

All the US and Singapore users could be binance to make up the 50% volume...

If Switzerland wanted bitcoin they could buy it they're wealthy? Not to mention that Germany has more nodes than the US when I last checked too (Germany have the most identified nodes by location but there are quite a few that aren't given a location).

[tbct_mt2]

It is a paid magazine with not a cheap price: $250 monthly. The article has poor quality that I don't mind to read. Traffic does not mean visitors or guests are using those exchanges for their trades.

The https://bitaps.com/ shows top three nations for bitcoin nodes are: the US, Germany, and France.

US 2787
DE 1589
FR 572
NL 374
GB 331
SG 312
CA 300
JP 223
RU 210
IN 194
CN 186

[error08]

No doubt about users in the US or Japan, and somehow Singapore although it is a small country probably because Binance has headquarters there.
but how about China? I guess most of them using a VPN to access crypto or most of the users have left this country since a few years ago.
Since most of the traffic came from Binance and Coinbase, also many institutional-investors from the US, the conclusion is they have considerable influence on market prices.

[logfiles]

I would not take the website visit statistic seriously because i believe very many people use VPNs. I personally use a VPN for most of my crypto related activities and guess what? In case my subscription has expired, default free available IP address locations include US, Germany, Canada, Netherlands... 

[AmoreJaz]

I would not take the website visit statistic seriously because i believe very many people use VPNs. I personally use a VPN for most of my crypto related activities and guess what? In case my subscription has expired, default free available IP address locations include US, Germany, Canada, Netherlands...  

just to get the idea about this exchange traffic but dont really use it for accurate reference. but it shows that crypto users are growing in numbers, which is actually good for crypto community.

Okay, but the remaining 50% is a pretty huge amount. Especially for small countries. So everyone now has a chance.

Japan was the one the early adopter to the bitcoin and considering that then 8% around is quite less as still many countries have unclear policies around bitcoin, some have banned it. So as such fully accepted where it is legalized may not be a huge list. But good to see some of the Asian countries are  in the list as well and over years those will continue to grow with better framework and country policy.

and one of the good things that happened during this pandemic is the increase interest of noncrypto users to take a look at crypto. as they have luxury of time to study and research about this digital currency during the lockdown period, some of them may actually have converted to be a crypto user. not full time crypto, but definitely some of them are looking at it as alternative payment method. and with the news coming from paypal, i guess the interest further increased.

[countryfree]

I'm connecting to at least one exchange every day, with a Swiss IP, but I'm not there...

[jackg]

US 2787
DE 1589
FR 572
NL 374
GB 331
SG 312
CA 300
JP 223
RU 210
IN 194
CN 186

That list looks a lot more accurate!
The UK, Netherlands and Canada have some cultural similarities and population sizes so that makes sense.
Germany and the US have a higher global output afaik and a faster growing economy atm potentially so it makes sense they're at the top.

I'm connecting to at least one exchange every day, with a Swiss IP, but I'm not there...

It'd scare me to connect through Switzerland, I feel they're small enough to have everyone looking at them by now and trying to track or reverse engineer somethibg.

Although I did still side with another European country to route my traffic through most of them are better for data privacy laws at least (whether you like to deselect those cookies or not you at least know they're there).

[Kemarit]

ranked in the top 10, 4 Asian countries such as South Korea, Japan, India and Indonesia. they do prove to have the potential and passion in the world of crypto. Bitcoin is still the main choice, there may be some who also use altcoins. it has become clear evidence, if Asia has become the basis for bitcoin growth until this moment.

It's just a tip of what the Asian countries can do, countries like The Philippines as well are very active crypto users, maybe it wasn't there up with the top ten because they have their used local exchanges. But as far as activity and usage, the country has huge potential.

Germany should also be in the top list, there are a lot of online stores that accepts bitcoin as payment.

So I agree that the data set is not that accurate, but in any case, the numbers are pretty much telling us that Bitcoin is really growing.

[kidbounty]

I don't see China in the top 10. Are the average people there using a VPN to access the market so they won't be seen?
I think this country is one of the countries that has the largest crypto transactions in Asia.

[buwaytress]

So the world's second biggest population by country, the biggest middle class, doesn't even rank up there? Hard for me to believe. I think the node ranking we've known for a while, and US has been seeing its dominance chipped away, which is a good thing.

But traffic to exchanges don't mean much at all. Got to remember many of these exchanges advertise on CMC/CG/Brave etc and there are people clicking out of curiosity, not necessarily trading.

I've never signed up for any service I actually clicked from an ad, I don't recall!

[Coin_trader]

I don't see China in the top 10. Are the average people there using a VPN to access the market so they won't be seen?
I think this country is one of the countries that has the largest crypto transactions in Asia.

It was indicated on the OP bottom part though that China have a law that restricting user to trade that's why most of Chinese are relying on VPN just to trade crypto. In reality, China is still one of the biggest traffic provider in exchanges of they don't use VPN and there government won't restrict there people. They want to focus on there own cryptocurrency and capitalize it that's why they are too strict on cryptocurrency. They want to apply tax to crypto.

[royalfestus]

All the US and Singapore users could be binance to make up the 50% volume...

If Switzerland wanted bitcoin they could buy it they're wealthy? Not to mention that Germany has more nodes than the US when I last checked too (Germany have the most identified nodes by location but there are quite a few that aren't given a location).

Germany has always been underrated for wealth because of the conservative lifestyle of the wealthy but their investment strategy has been smart. The small countries in the list e.g Singapore, Switzerland still surprises me, they are also affiliated to retail investors. They got the money anyway and cryptocurrency is top of their investment. Unless we realize that bitcoin will always increase in price even Governments could be late to exploit the financial technology.

[Lorence.xD]

I did not expect that the bitcoin exchange traffic is only circulating in 6 countries. I find it surreal to the point that it looks like bitcoin global adoption seem impossible. I can see my country although it is not in the higher tier which is understandable. Mexico seems an unlikely candidate for the bitcoin traffic. I am not speculating nor discriminating but there is something fishy with that. We all know that bitcoin offers pseudo-anonymity which is very useful when it comes to money laundering. My hunch is that cartels are catching up to using cryptocurrency to transport their blood money without the fuss of using mules to deliver the money with the risk of having the border guards and customs seizing the contraband. I am speculating in regards to the ranking of Mexico and I am in no means discriminating or stereotyping.

[CyberKuro]

I did not expect that the bitcoin exchange traffic is only circulating in 6 countries. I find it surreal to the point that it looks like bitcoin global adoption seem impossible. I can see my country although it is not in the higher tier which is understandable. ~

Nope, not only circulating in 6 countries, it just 6 countries traffic of bitcoin exchange combines makes it slightly above 50% which is 50,5% as mentioned.
So, there is still the remaining 49.5% traffic from around the world, including from your country.
Nevertheless, it's not an accurate data, just a representation of exchanges traffic because there are countries block acces to bitcoin or simply banned anything related to cryptocurrency.

[OrgonePyramid]

it's not an accurate data I think

[celot]

Users from the United States, South Korea, Japan, India, Mexico, and Indonesia generate about half of the bitcoin exchange traffic. The greatest interest in cryptocurrencies is shown by residents of Singapore, South Korea, Switzerland and Venezuela. This data is contained in a new study by The Block

The traffic of cryptocurrency exchanges allows us to guess in which countries cryptocurrencies are used most actively, analysts are sure. According to them, the pseudo-anonymous nature of the blockchain on which digital assets are based does not allow us to find out directly.

The researchers used data from the Alexa and SimilarWeb services in October for the 30 most popular cryptocurrency exchanges. This approach allows you to evaluate the activity of retail investors, while large players often use the API.
Analysts noted the absence from the list of China and a number of other countries whose authorities block access using the Golden shield or its analogues. Residents of such countries are forced to rely on VPNs.

18.4% of the total traffic of bitcoin exchanges is in the United States; 11.4% - in South Korea; 8.5% — in Japan; 4.7% — in India; 4.3% — in Indonesia and 3.2% — in Mexico. In October, these countries accounted for a total of 50.5% of the 111.5 million visits.



Binance had the largest number of visitors, almost 31.5 million (28.2%). Coinbase came in second with 22.9 million sessions (20.5%). All other exchanges in October showed less than 6 million visits.

Indonesia have more than 50% of BTC exchange traffic for bitcoin and altcoin but there are still illegal using bitcoin as payment currency transaction, although their people have look popular with bitcoin and altcoin still not get education for government how to adopt bitcoin as legal payment transaction. I think how much traffic for bitcoin and altcoin is not important until government wanna allow to use bitcoin and give guarantee for investor save their money as bitcoin and altcoin assets. I think most worry from government why bitcoin still illegal assets afraid when many people moving their money from bank saving become bitcoin and altcoin digital assets.

[Emily Perkins]

If smb is using VPN or proxy how does it count in the research? Many exchange users hide their countries of residence.

[ReiMomo]

It will differ from time to time since there are a lot of factors that may affect the traffic in exchanges like the US election including the campaign period where US citizens tend to move some of their assets and the blocking of binance to US residence in their services.

We cannot conclude that these 6 countries are the main reason for the traffic besides the report was only made in a limited number of months that makes it inaccurate analysis.