Note: This article is courtesy of Iris.xyz

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ARK Invest and Coinbase define investability as providing ample liquidity and opportunity to invest. Globally, bitcoin exchange trading volumes are a good measure of the liquidity available to investors. As shown in the graph below, these volumes have been increasing steadily, reaching roughly $1 billion per day through the first quarter of 2016.

However, the graph above suffers a shortcoming as trading activity is self-reported by exchanges and not validated by third parties. If we were to look only at bitcoin traded as a cross with the US dollar, euro and British pound—the assumption being that businesses are monitored more closely when handling these currencies—the picture is starkly different.

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