In the first leg of the two part In-Depth series, we showed that trading on multiple crypto exchanges is complex.

However, slow blockchains are still heavily utilised for cross-exchange Bitcoin movement that continue to see massive inflows daily.

The surge in the number of cryptocurrency exchanges since mid-2017 has led to an onslaught of ingenious product structures. Bitcoin futures, options and market-maker rebates have all become popular methods of attracting liquidity from competing exchanges.

According to blockchain analytics firm, Chainalysis, approximately 4 million Bitcoin sit on exchanges at any given time, with a vast majority circulating from one exchange to the next in a perpetual loop.

For part II of our In-Depth series, Are Blockchain Limitations Stifling Arbitrage Opportunities?, we provide an even deeper analysis of how much opportunity, if any, is missed during the ten minutes it takes to move Bitcoin from one wallet to an exchange.