The Bitcoin economy consists of both on-chain and off-chain components, with centralized exchanges gaining greater influence as the asset matures and financial instruments diversify. These platforms now facilitate the majority of trading volume, acting as key hubs for price discovery and liquidity.
Evaluating off-chain exchange activity is critical for a full-spectrum understanding of the ecosystem. Spot market trading remains robust, averaging around $10 billion in daily volume and peaking at $23 billion in November 2024. This magnitude of spot activity often mirrors daily on-chain settlement, underscoring how deeply intertwined both layers are in market structure and performance.
