Aggregated Bitcoin Volume (spot & derivatives)
AGGREGATED BITCOIN VOLUME INDICATOR (spot & derivatives)
This indicator aggregates volume for the most liquid bitcoin pairs AND instruments, from exchanges known to *not* have fake volume. A few legit exchanges are missing as not available in Tradingview at the moment (e.g. FTX US).
Volume is separated into four categories: spot (stablecoin pairs), spot (fiat pairs), derivatives (perpetuals), and tradfi derivatives (CME futures). Can plot them all four together (default setting) or individually.
Volume is "aggregated in equivalent number of bitcoin" (default setting) -- although users can change that to "aggregated in total USD". Doing so required converting volume for some bitcoin pairs and (derivatives) contracts that don't record volume in number of bitcoin (but rather record it in USD or number of contracts).
Volume from crypto futures contracts (i.e. not Tradfi) is missing given how these contracts expire, and rolling them over would require extensive manual input. Futures' volume track perpetuals' volume, and are considerably smaller than perpetuals', therefore its absence does not have a noticeable impact on output. Time series for CME futures don't suffer from this inconvenient as the CME offers a continuous time series.
For the sake of simplicity, the price time series used for normalizing volume into BTC units is Bitstamp's (as it is the longest time series available).
List of exchanges included: Binance, Binance US, OKX, Huobi, FTX, Bittrex, Gate, Kucoin, Poloniex, Coinbase, Bitfinex, Bitstamp, Gemini, Bitflyer, Upbit, Kraken, Bybit, Bitmex, Deribit, CME
List of pairs/instruments that had to be converted from total USD into number of bitcoin: FTX:BTCUSDT, FTX:BTCUSD, BITMEX:XBTUSD, BYBIT:BTCUSD, DERIBIT:BTCPERP, FTX:BTCPERP
List of pairs/instruments that had to be converted from number of contracts into number of bitcoin: BINANCE:BTCPERP, OKEX:BTCPERP, OKEX:BTCUSDTPERP, CME:BTC
Final note: I recommend to look at aggregated bitcoin volume in bitcoin (not in USD) and for all categories (spot and derivatives) to get a better picture of what's happening in the market. Looking at volume in USD rather than in BTC makes volume obviously dependent on bitcoin's price. This is a major problem for volume analysis. Given how volatile BTCUSD is, price then accounts for most of the variance in volume, making volume comparisons across time difficult.
If you have any suggestions please drop them in the comments.
This indicator aggregates volume for the most liquid bitcoin pairs AND instruments, from exchanges known to *not* have fake volume. A few legit exchanges are missing as not available in Tradingview at the moment (e.g. FTX US).
Volume is separated into four categories: spot (stablecoin pairs), spot (fiat pairs), derivatives (perpetuals), and tradfi derivatives (CME futures). Can plot them all four together (default setting) or individually.
Volume is "aggregated in equivalent number of bitcoin" (default setting) -- although users can change that to "aggregated in total USD". Doing so required converting volume for some bitcoin pairs and (derivatives) contracts that don't record volume in number of bitcoin (but rather record it in USD or number of contracts).
Volume from crypto futures contracts (i.e. not Tradfi) is missing given how these contracts expire, and rolling them over would require extensive manual input. Futures' volume track perpetuals' volume, and are considerably smaller than perpetuals', therefore its absence does not have a noticeable impact on output. Time series for CME futures don't suffer from this inconvenient as the CME offers a continuous time series.
For the sake of simplicity, the price time series used for normalizing volume into BTC units is Bitstamp's (as it is the longest time series available).
List of exchanges included: Binance, Binance US, OKX, Huobi, FTX, Bittrex, Gate, Kucoin, Poloniex, Coinbase, Bitfinex, Bitstamp, Gemini, Bitflyer, Upbit, Kraken, Bybit, Bitmex, Deribit, CME
List of pairs/instruments that had to be converted from total USD into number of bitcoin: FTX:BTCUSDT, FTX:BTCUSD, BITMEX:XBTUSD, BYBIT:BTCUSD, DERIBIT:BTCPERP, FTX:BTCPERP
List of pairs/instruments that had to be converted from number of contracts into number of bitcoin: BINANCE:BTCPERP, OKEX:BTCPERP, OKEX:BTCUSDTPERP, CME:BTC
Final note: I recommend to look at aggregated bitcoin volume in bitcoin (not in USD) and for all categories (spot and derivatives) to get a better picture of what's happening in the market. Looking at volume in USD rather than in BTC makes volume obviously dependent on bitcoin's price. This is a major problem for volume analysis. Given how volatile BTCUSD is, price then accounts for most of the variance in volume, making volume comparisons across time difficult.
If you have any suggestions please drop them in the comments.
הערות שחרור:
Changes:
#1 Added Bithumb & MtGox.
#2 Binance phased out BTCUSDC, moving trading to BTCBUSD, which was causing an error message. Eliminated BTCBUSD to fix that error.
To do: add option to implement Binance spot volume multiplier, to adjust for wash trading volume present since Binance eliminated trading fees for BTC spot pairs in July 2022.
#1 Added Bithumb & MtGox.
#2 Binance phased out BTCUSDC, moving trading to BTCBUSD, which was causing an error message. Eliminated BTCBUSD to fix that error.
To do: add option to implement Binance spot volume multiplier, to adjust for wash trading volume present since Binance eliminated trading fees for BTC spot pairs in July 2022.
הערות שחרור:
Changes:
#1 Updated Bybit perps feed names (BTCUSDT.P and BTCUSD.P)
#2 Added Bybit spot (BTCUSDT).
#1 Updated Bybit perps feed names (BTCUSDT.P and BTCUSD.P)
#2 Added Bybit spot (BTCUSDT).
הערות שחרור:
Changes:
#1 Updated Bitmex perp feed name (XBTUSD.P)
#1 Updated Bitmex perp feed name (XBTUSD.P)
הערות שחרור:
Changes:
#1 Eliminante Binance US
#1 Eliminante Binance US
הערות שחרור:
Release Notes:
Changes:
#1 Eliminate BUSD
Changes:
#1 Eliminate BUSD