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Some interesting research on fake volume by

, 95% of volume reported as fake with spot volume estimated at $270m daily. I'll add that this compares with $580m of volume estimated moving on-chain between wallets, so I suspect it's overly conservative.

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Bitwise

@BitwiseInvest

· Mar 22, 2019

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!

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Not sure which pairs were counted in this.. btc bade pairs or btc quotes (like eth/btc) as well. Also, vol is counted once for both sides of the trade so you might see 2x vol in flows (in/out), plus OTC, plus local bitcoins, merchant processing, etc.

4:49 PM · Mar 23, 2019Twitter for iPhone

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Only base pairs were counted. And you’re correct to point out that inflows can be 2x trade volume and that OTC or p2p trades were not included. The report mainly focused on spot exchange volumes. Thanks for giving it a read!

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Just LBC & OTC together are massive, there's the manipulation of market prices, reinforced by arbitrage in my opinion. I think that price discovery is a bit laughable based on this, meaning price is falsely suppressed. So not such a great report, but they have an angle I suppose

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Outrageous sweeping statements by

@BitwiseInvest

which, when you scratch the surface, don't pass muster. We have acquired 6m users since Sept 2013 - to accuse our 95% of our BTC volume as artificial is outlandish!

Marcel Pechman USD is a 🆂🅷🅸🆃🅲

🅸🅽

@noshitcoins

Mar 23, 2019

dude, u're making a fool of yourself. just stop it.

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