Network analysis on Bitcoin arbitrage opportunities: Daily graphs

Network analysis gives a clear view of which exchanges are the leaders and intermediaries in the market. Our analysis of IN and OUT values showed which exchanges were the most attractive for buying and selling Bitcoin. Evaluating selling and buying opportunities enables market participants to be prepared by having money available in the appropriate exchanges when opportunities to buy or sell Bitcoin arise. First, we measured the betweenness coefficient to assess the exchange intermediaries. High values on this measure indicated that exchanges were mainly responsible for distributing market information. The next step was to evaluate the daily changes in the relationships between exchanges. These were measured by calculating IN and OUT coefficients to show incoming and outgoing signals. Nodes represent a speci fic exchange and each has incoming and outgoing arrows. Here we provide our results for 455 days starting from 2019-01-01 until 2020-03-30. Each figure reflects the network results for that day. As shown in Figure called "2019_01_07", this network has well-separated nodes representing the different exchanges. Arrows pointing to the exchange show IN values, meaning it is possible to successfully sell Bitcoin in that speci fic exchange. In contrast, OUT values show outgoing signals from the exchange. In this case, if Bitcoin was bought in the dsx exchange, it could be successfully sold to the other exchanges to which the arrows point (bitstamp, bitmarketlt, coinfalcon and others).

网络分析可清晰展现市场中各加密货币交易所的领军地位与中介角色。针对流入（IN）与流出（OUT）数值的分析，可明确哪些加密货币交易所最适合开展比特币的买卖操作。评估买卖交易契机，能够帮助市场参与者在比特币买卖窗口出现时，提前在适配的加密货币交易所备足资金。首先，我们通过测算介数中心性系数（betweenness coefficient）以评估加密货币交易所的中介职能：该指标数值越高，代表该交易所承担着市场信息分发的核心职责。后续我们将分析加密货币交易所间关联关系的每日动态变化，通过计算流入系数与流出系数以体现交易信号的进出流向。网络中的节点代表单个加密货币交易所，每个节点均配有入向与出向箭头。本次研究涵盖2019年1月1日至2020年3月30日共计455天的分析结果，每日的网络分析结果均以对应图表呈现。以名为"2019_01_07"的图表为例，该网络中的节点清晰分隔，分别对应不同的加密货币交易所。指向交易所的箭头代表流入（IN）数值，意味着可在此加密货币交易所成功完成比特币的卖出操作；与之相对，流出（OUT）数值代表该交易所向外发送的交易信号。以dsx交易所为例，若在此处买入比特币，可成功将其转售至箭头指向的其他加密货币交易所，包括bitstamp、bitmarketlt、coinfalcon等。