By looking at the trade sizes made on exchanges, we can get a better sense of each company’s customer base. Among the 10 exchanges Bitwise vetted, Bitstamp, itBit, and Gemini appear to have the largest institutional investor concentrations among their user base while Binance appears to have the heaviest retail presence.
To come to this conclusion, we examined monthly volumes and transaction counts for each exchange’s most widely used BTC trading pair. Generally, this was BTC-USD. However, for Binance and Poloniex it was BTC-USDT while for bitFlyer it was BTC-JPY, which we converted to $USD.

Source: CoinAPI, Factset, The Block
Typically, the directional change in average trade size has moved in tandem with monthly trade volumes.
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