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1/ Web traffic on cryptocurrency exchanges reached 174M visits in June, which is virtually the same as a month before. Since February, the price of BTC grew by 250% while the crypto traffic grew by 68%. This could suggest that retail isn’t playing a large role in the recent rally 
2/ There have been several indications that the price rally hasn’t been driven by retail investors as much as in 2017. For example, the number of new Twitter followers of popular exchanges hasn’t seen an increase like in late 2017.
3/ Moreover, there has been virtually no spike in Google searches for the largest cryptocurrency exchanges.
4/ Most of the larger-volume traders trade OTC or through APIs, which both don’t register in web traffic. Retail investors, on the other hand, trade almost exclusively on exchanges and therefore, web traffic could serve as an accurate proxy for retail interest in cryptocurrencies
5/ It’s apparent that there has been an increase in retail interest as BTC's price has continued to grow — traffic grew by roughly 68% since February. However, in June, when price jumped from $7.6k to more than $13.5k (~78% increase), web traffic stayed nearly the same as in May
6/ Binance had the largest number of estimated visitors in June with nearly 45 million; followed by Coinbase with 36.5 million. All other exchanges each had less than 10 million visits in June.
7/ The 10 exchanges vetted by Bitwise which don’t fake volume registered 66% of the total web traffic in June. Non-vetted exchanges that had the largest traffic in June were Indodax, HitBTC, KuCoin, YoBit and BX Thailand.
8/ The rally this year is entirely different than in 2017; driven by different traders and with bitcoin heavily outperforming the rest of the market.
9/ If you find insights like these useful, consider subscribing to Genesis. We push out content like this on a daily basis and also have Genesis Slack for any questions for all of our full-time analysts. theblockcrypto.com/genesis/
