Bitwise has come out with an amazingly telling report on the true nature of the crypto markets in terms of volume.
The main takeaway is that the top 10 exchanges represent all the actual volume in the crypto market.
When only those exchanges are considered, the market looks healthy.
Meanwhile, the majority of the rest of crypto exchanges show problems like wash trading to inflate volume.
The other main takeaway here is that the futures markets represent a large amount of volume relative to the spot markets. Meaning that futures could have had a bigger impact on BTC’s price than originally thought.
Don’t just listen to the headlines, read the Bitwise report.
1/ New Research from us @BitwiseInvest.
As part of 226 slides presented to the SEC on our ETF filing, we did a first-of-its-kind analysis of *order book data* from all 81 exchanges reporting >$1M in BTC volume on CMC.
TLDR: 95% of reported volume is fake but LOTS of good news! pic.twitter.com/TuXLlDCRyP
— Bitwise (@BitwiseInvest) March 22, 2019
"Bitwise Report Shows the True Nature of the Crypto Market" contains information about the following Cryptocurrencies: