Bitfinex Now Included in the CoinDesk Bitcoin Price Index

CoinDesk has added Hong Kong-based exchange Bitfinex to the Bitcoin Price Index (BPI) as of 16:00 GMT today.

AccessTimeIconMar 13, 2014 at 4:00 p.m. UTC
Updated Sep 14, 2021 at 2:08 p.m. UTC

CoinDesk has added Bitfinex to the Bitcoin Price Index (BPI) today as of 16:00 GMT.

, which is incorporated in Hong Kong, has been on CoinDesk’s radar for possible inclusion in the BPI for some time now.

Over the past several weeks, and particularly since the decline of Mt. Gox, we have observed that Bitfinex has been able to sustain a dramatic increase in its share of the total volume of US dollar-denominated bitcoins traded.

CoinDesk has also verified that Bitfinex meets the CoinDesk BPI criteria, which include rules ranging from minimum trade size to maximum customer withdrawal delays.

Three horse race

In late 2013, Bitfinex was already the fourth largest exchange. However, it was a distant fourth compared to the big three exchanges that comprised the BPI during this time: Bitstamp, BTC-e, and Mt. Gox – all of which averaged at least 30% of US dollar-denominated bitcoin trading volume (see Table 1).

: CoinDesk, BitcoinAverage
: CoinDesk, BitcoinAverage

In contrast, for much of late November and December in 2013, Bitfinex’s overall share of total US dollar-denominated bitcoin trading volume was in the single digits, averaging only 6% of the total.

Rapid rise

Much has changed in the bitcoin exchange world since December, starting with Bitfinex surpassing the now bankrupt Mt. Gox on several days of trading in January.

Bitfinex also recently leapfrogged BTC-e, another BPI component, with more US dollar-denominated bitcoins exchanged in five of the last six trading days, and almost half of the past 29 trading days (see Table 2).

 Top 3 Bitcoin Exchanges $USD Volume Market Share, late-2013 (% of total $USD exchanged)
Top 3 Bitcoin Exchanges $USD Volume Market Share, late-2013 (% of total $USD exchanged)

Have you got some feedback on the CoinDesk BPI criteria? Are there other exchanges you think should be included? Please share your thoughts in the comments below or send them to

Market Image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.