1- Are the trades on exchanges (from a buyer to a seller) made through the blockchain or is it virtual (exchanges only have one main wallet and virtually credit/debit the different accounts) ?
I am confused because for as I see it, transactions made on exchanges are usually credited instantly and the fees taken seem to only represent the exchange fees (not the miners fees) but at the same time, each user have several personal addresses to send the different coins.
If it is virtual, then volumes calculated for all transactions would require to be adjusted in order to take into account exchanges + blockchain.
2- If my first assumption is correct, is coimarketcap giving volumes adjusted (volumes on all exchanges + volumes through the blockchain) ?
I am asking because I am looking for the volume data to analyse the market (starting with btc) and found different sources but they all provide different numbers which is confusing:
https://coinmetrics.io/data-downloads/ https://www.blockchain.com/fr/chartsThanks