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An Inside Look into Cryptocurrency Exchanges

Using unique data from a medium-sized cryptocurrency exchange in Asia, we establish 10 facts about cryptocurrency exchanges and cryptocurrency trading. 1) Individuals hold cryptocurrency portfolios of small value, 2) they trade very few cryptocurrencies, 3) their trading patterns are very concentrated, and 4) their trading horizon is very short. 5) Cryptocurrency characteristics explain how much they are traded and how long they are held in investors' portfolios. 6) Most of the trades occur between individual investors and institutional investors and market makers play a minor role in the exchange. 7) It is difficult to benchmark portfolio returns because investors' portfolios are not diversified enough, but 8) institutional investors do not outperform individual investors. 9) Individual investors' make good trading decisions, in the sense that the cryptocurrencies they buy outperform the ones they sell. 10) The same is not true for institutional investors.