This case study examines publicly available referral data from Similarweb.
No private datasets are used. No interpretation is imposed.
The material below presents incoming and outgoing referral samples for several exchanges,
allowing readers to observe recurring patterns directly.
All screenshots reflect the same recent 28-day window.
Case Entry Point: Bitget
Bitget Incoming Referrals
Bitget Outgoing Referrals
Context: approximately 725,000 incoming referral sessions and approximately 490,000 outgoing referral sessions over the same period.
❓ Question
If an exchange is both receiving and sending hundreds of thousands of referral sessions each month,
what role is it playing within the traffic ecosystem?
❓ Follow-up
And how should that role be understood when the inbound and outbound referral lists are effectively the same?
Second Hop: KuCoin
KuCoin Incoming Referrals
KuCoin Outgoing Referrals
Context: approximately 680,000 incoming referral sessions and approximately 280,000 outgoing referral sessions over the same period.
Several of the same exchange domains visible in Bitget’s referral lists
reappear here on both the inbound and outbound side.
Third Hop: XT
XT Incoming Referrals
XT Outgoing Referrals
Context: approximately 460,000 incoming referral sessions and approximately 300,000 outgoing referral sessions over the same period.
Once again, the same set of exchange domains appears across both directions of referral flow.
Observed Pattern
Across all three exchanges, the referral samples show:
- Recurring exchange domains appearing in multiple lists
- The same names visible on both inbound and outbound sides
- Comparable ordering rather than random dispersion
- Sustained referral volumes rather than one-off spikes
No interpretation is provided here beyond what is directly visible.
The repetition across exchanges and directions can be reviewed by anyone
using the same public Similarweb views.
Closing Note
Inbound referrals alone can suggest visibility.
Outbound referrals indicate where users are being sent next.
When both directions are large and involve the same set of domains, the relationship between the two becomes relevant.
Readers are encouraged to draw their own conclusions from the repetition.
Source: Similarweb — public referral traffic views.
Screenshots captured from publicly accessible pages. No private or proprietary data was used.