Bitcoin trading data on exchanges is likely fakePax, a contributor at Forbes, detected that some small exchanges had Bitcoin trading volumes around 95% less than what was reported. However, this data was 51% less than the $262 billion realized by summing the volumes reported from multiple sources. Untrustworthy crypto trading volumes are a concernPax also said that the mismatch in reporting was a great concern. According to him, if the Bitcoin trading volumes were untrustworthy, then the trading volumes of some of the smallest crypto assets could not even be trusted. Pax referred to a 2019 report by Bitwise Asset Management claiming that 95% of the trading volumes reported in unregulated cryptocurrency exchanges were fake or caused by wash trading.

Source: Forbes September 04, 2022 05:55 UTC