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Citi GPS: Global Perspectives & Solutions March &#; Citigroup 92 Figure Bitcoin Trading Volume Mix by Currency # Based on monthly trading volumes in BTC across all exchanges. Source: Bitcoinity, Citi Research Cryptocurrency trading tends to be executed on a crypto exchange, but some trading also takes place through the over-the-counter (OTC) market. In the early years, Mt Gox (based in Japan), dominated nearly all trading done via exchanges; but after its collapse in , several new exchanges have emerged with arguably better security. Bitfinex, GDAX, Bitstamp and bitFlyer are some of the prominent Bitcoin exchanges based on volumes. Figure Top 15 Bitcoin Exchanges (Past 6 Months) Exchange Currency Volume (BTC) Trades per minute 1 Bitfinex USD 10,, 2 GDAX USD 4,, 3 Bitstamp USD 2,, 4 bitFlyer JPY 4,, 5 Kraken EUR 1,, 6 Kraken USD 1,, 7 Bitcoinde EUR , 8 HitBTC USD 1,, 9 Bit-x GBP , 10 Bitstamp EUR , 11 GDAX EUR , 12 tallerembajador.com.mx USD , 13 itBit USD , 14 Bit-x USD , 15 tallerembajador.com.mx EUR 37, Source: Bitcoinity, Citi Research; # ranked based on volume, calculated as sum of BTC traded on exchanges over last 6 months (latest data as of 09 Mar. ). The Year of Second-Layer Protocols? Although there are relatively few ‘real-world’ places to spend Bitcoin, congestion on the BTC network is currently impairing its utility by raising transaction costs and reducing completion times. Operating close to its maximum of transactions a second (tx/s), fees have risen as a percentage of each transaction. As it is less congested, transaction fees for the Ethereum blockchain are significantly lower. However, the Ethereum network is still limited to only 20 or so tx/s; as this limit approaches, we think that fees will rise and utility decline. 0% 20% 40% 60% 80% % Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan CNY EUR GBP JPY USD Others