{"id":235859,"date":"2019-09-12T09:47:41","date_gmt":"2019-09-12T13:47:41","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=235859"},"modified":"2020-06-16T17:48:59","modified_gmt":"2020-06-16T21:48:59","slug":"why-and-how-crypto-exchanges-post-fake-trading-volumes","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/why-and-how-crypto-exchanges-post-fake-trading-volumes","title":{"rendered":"Why And How Crypto Exchanges Post Fake Trading Volumes"},"content":{"rendered":"<p>It\u2019s indisputable that the crypto industry is growing exponentially, but there have been claims that the data presented by most of the quarters in play may not reflect the truth on the ground. In fact, a recent study by Bitwise found that roughly 95% of the trading volumes reported by crypto exchanges are deliberately doctored. Bitwise studied data from 81 crypto exchanges.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ New Research from us <a href=\"https:\/\/twitter.com\/BitwiseInvest?ref_src=twsrc%5Etfw\">@BitwiseInvest<\/a>.<\/p>\n<p>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 &gt;$1M in BTC volume on CMC.<\/p>\n<p>TLDR: 95% of reported volume is fake but LOTS of good news! <a href=\"https:\/\/t.co\/TuXLlDCRyP\">pic.twitter.com\/TuXLlDCRyP<\/a><\/p>\n<p>&mdash; Bitwise (@BitwiseInvest) <a href=\"https:\/\/twitter.com\/BitwiseInvest\/status\/1109114656944209921?ref_src=twsrc%5Etfw\">March 22, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It\u2019s the weight of these claims that led to CoinMarketCap announcing plans to restructure its crypto listing metrics a few months ago. CoinMarketCap is perhaps the largest information resource for crypto market standings.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are listening to all our users&#39; feedback, and we are working hard to add a suite of new metrics so users can get a fuller picture of exchanges and crypto on the site. What are some new metrics you would like to see? Share with us. \ud83d\ude42 <a href=\"https:\/\/t.co\/ZgEs80lH1S\">https:\/\/t.co\/ZgEs80lH1S<\/a><\/p>\n<p>&mdash; CoinMarketCap (@CoinMarketCap) <a href=\"https:\/\/twitter.com\/CoinMarketCap\/status\/1110401659409219585?ref_src=twsrc%5Etfw\">March 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Understanding Crypto Trading Volumes<\/h2>\n<p>Like any other market, the crypto space boasts various entities that track the trading activities happening within it. These are basically the transactions initiated and closed at any given time, with the most immediate metric being a 24-hour period. That\u2019s what called the<strong> daily trading volume<\/strong> for a cryptocurrency.<\/p>\n<p>Below is an excerpt of the top 5 cryptos as presented on <a href=\"https:\/\/coinmarketcap.com\/\">CoinMarketCap<\/a> at the time of this writing:<\/p>\n<p><a href=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/coinmarketcap-top-5.png\"><img decoding=\"async\" class=\"size-full wp-image-236057 aligncenter\" src=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/coinmarketcap-top-5.png\" alt=\"\" width=\"892\" height=\"348\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/coinmarketcap-top-5.png 892w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/coinmarketcap-top-5-300x117.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/coinmarketcap-top-5-768x300.png 768w\" sizes=\"(max-width: 892px) 100vw, 892px\" \/><\/a><\/p>\n<p>Crypto information resources like CoinMarketCap post these figures quoted in monetary terms. The data is sourced from the various <a href=\"https:\/\/insidebitcoins.com\/cryptocurrency-exchanges\">cryptocurrency exchanges<\/a> in the market. The metrics also include the cryptocurrency\u2019s price, total market cap, circulating supply, and the total supply. These figures are subject to change as affected by market forces at any given time. The trading volume can also be affected by either a rush to buy (buy pressure) or a dump (sell pressure).<\/p>\n<h2>Why Exchanges Like To Lie<\/h2>\n<p>As much as exchanges make things like <a href=\"https:\/\/insidebitcoins.com\/bitcoin-trading\">Bitcoin trading<\/a> much easier for everyone, they\u2019re mainly in it for the money. They charge commissions for transactions completed through them. They also charge listing fees for new cryptos fresh out of ICO (Initial Coin Offering) and in need of exposure. Exchanges with high trading volumes look safer and more inviting since anyone checking out their figures assumes that the people behind those volumes definitely trust the exchange. Every exchange wants to be trusted.<\/p>\n<p>However, if an exchange isn\u2019t really high-traffic, it may resort to faking the volumes to achieve the same end of attracting new users and coin-listings. That\u2019s what most of them are doing \u2013 according to the study by Bitwise.<\/p>\n<h2>How They Do It And How To Spot Them<\/h2>\n<p>There 2 main ways an exchange can fake its trading volume:<\/p>\n<p><strong>Wash Trading<\/strong><\/p>\n<p>This is whereby someone places a sell order and then follows it up with a buyer order, meaning that they\u2019re buying from themselves. They then repeat the process over and over again.<\/p>\n<p><a href=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/wash-trading.png\"><img decoding=\"async\" class=\"size-full wp-image-236062 aligncenter\" src=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/wash-trading.png\" alt=\"\" width=\"889\" height=\"384\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/wash-trading.png 889w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/wash-trading-300x130.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/wash-trading-768x332.png 768w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/a><\/p>\n<p>Although no real trading occurs in this case, the trading volume is recorded as part of exchange activity. Some exchanges engage in such false trades using proxies to artificially increase their trading volumes.<\/p>\n<p><strong>Pump And Dump <\/strong><\/p>\n<p>A trader (in this case an exchange\u2019s proxy) initiates many trades and buys huge amounts of cryptocurrencies, thereby creating more demand and driving up the prices. They then sell back the whole stash at the high prices just as more traders start accumulating. The trader then exits with the profits, having driven up the trading volume.<\/p>\n<p><a href=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/pump-and-dump-cryptocurrencies.jpg\"><img decoding=\"async\" class=\"size-full wp-image-236063 aligncenter\" src=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/pump-and-dump-cryptocurrencies.jpg\" alt=\"\" width=\"730\" height=\"389\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/pump-and-dump-cryptocurrencies.jpg 730w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/pump-and-dump-cryptocurrencies-300x160.jpg 300w\" sizes=\"(max-width: 730px) 100vw, 730px\" \/><\/a><\/p>\n<p><em>Pump and Dump in crypto trading on exchanges.\u00a0<\/em><\/p>\n<p>It\u2019s sad that many investors fall for these fake volumes and end up getting mixed up in fake FOMO (Fear Of Missing Out) and losing their money on non-performing investments. However, the good news is that it\u2019s possible to identify and avoid the exchanges with fake trading volumes by looking at \u201cthe devil in the details.\u201d<\/p>\n<p>There 3 main factors to focus on when making a decision on whether an exchange\u2019s trading volume is genuine:<\/p>\n<p><strong>Spreads<\/strong><\/p>\n<p>For trustworthy exchanges, spreads appear to indicate a pattern starting from zero and varying randomly, after which momentary market volatility and changes in the order book are reflected in a corresponding spike. On the other hand, spreads on cunning exchanges tend to swing around a fixed central figure and can remain fixed for periods of time.<\/p>\n<p><strong>Trade Size Histograms<\/strong><\/p>\n<p>Histograms representing credible trade size buckets or ranges always show that the lower ranges (0-0.1 BTC, 0.1-0.2 BTC,&#8230;) record more trade volumes than the high ranges, meaning the volume decreases as the trade size increases.<\/p>\n<p><a href=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-good-exchanges.png\"><img decoding=\"async\" class=\"size-full wp-image-236049 aligncenter\" src=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-good-exchanges.png\" alt=\"\" width=\"1142\" height=\"390\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-good-exchanges.png 1142w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-good-exchanges-300x102.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-good-exchanges-768x262.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-good-exchanges-1024x350.png 1024w\" sizes=\"(max-width: 1142px) 100vw, 1142px\" \/><\/a><\/p>\n<p><em>\u00a0 \u00a0Trade size histograms of credible crypto exchanges &#8211; According to Bitwise (Click to enlarge).\u00a0<\/em><\/p>\n<p>Interestingly, that\u2019s not the case with exchanges with fake volumes.<\/p>\n<p><a href=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-bad-exchanges.png\"><img decoding=\"async\" class=\"size-full wp-image-236050 aligncenter\" src=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-bad-exchanges.png\" alt=\"\" width=\"1184\" height=\"474\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-bad-exchanges.png 1184w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-bad-exchanges-300x120.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-bad-exchanges-768x307.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/histograms-for-bad-exchanges-1024x410.png 1024w\" sizes=\"(max-width: 1184px) 100vw, 1184px\" \/><\/a><\/p>\n<p><em>Trade size histograms for exchanges suspected of faking trade volumes &#8211; According to Bitwise (Click to enlarge).\u00a0<\/em><\/p>\n<p><strong>Volume Dynamics<\/strong><\/p>\n<p>The crypto space is pretty hard to accurately predict given its volatile nature, and that means that exchanges are subject to changing levels of trading volumes. A change (either a rise or a fall) in the trading volume of a specific cryptocurrency would be expected to resonate across all exchanges.<\/p>\n<p><a href=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-good-exchanges.png\"><img decoding=\"async\" class=\"size-full wp-image-236053 aligncenter\" src=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-good-exchanges.png\" alt=\"\" width=\"838\" height=\"451\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-good-exchanges.png 838w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-good-exchanges-300x161.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-good-exchanges-768x413.png 768w\" sizes=\"(max-width: 838px) 100vw, 838px\" \/><\/a><\/p>\n<p><em>\u00a0 \u00a0 \u00a0 \u00a0Volume spike alignment for credible exchanges &#8211; According to Bitwise (Click to enlarge).\u00a0<\/em><\/p>\n<p>On the other hand, exchanges using tricky algorithms to shore up their trading volumes always want to keep the trend uniform. Their trading volumes are often consistent. Others will have their trends rising or falling randomly at totally different times as compared to the rest of the market. With that knowledge, a smart trader or investor can look at such volume dynamics and point out a cunning exchange projecting fake volumes.<\/p>\n<p><a href=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-bad-exchanges.png\"><img decoding=\"async\" class=\"size-full wp-image-236054 aligncenter\" src=\"http:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-bad-exchanges.png\" alt=\"\" width=\"853\" height=\"440\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-bad-exchanges.png 853w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-bad-exchanges-300x155.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/08\/volume-for-bad-exchanges-768x396.png 768w\" sizes=\"(max-width: 853px) 100vw, 853px\" \/><\/a><\/p>\n<p><em>Volume spike alignment for suspect exchanges &#8211; According to Bitwise (Click to enlarge).\u00a0<\/em><\/p>\n<h2>Effects On The Industry<\/h2>\n<p>Many may not take fake trading volumes as much of a problem facing the crypto industry, but its effects can indeed be far-reaching. People, especially new crypto buyers, always want to deposit their funds in secure exchanges, and those with bloated trading volumes look like they\u2019re safe because, apparently, a lot of people are trading on them. If the hyped cryptos turn out to be scams, people end up losing their money. A good example of this is Bitconnect, a crypto scam that affected numerous people across various exchanges.<\/p>\n<p>Binance CEO Changpeng Zhao had this to say regarding fake volumes:<\/p>\n<p>https:\/\/twitter.com\/cz_binance\/status\/1107833648802197504<\/p>\n<p>As a result of the fake volumes and their prevalence, many people end up chasing winds and ultimately lose faith in the credibility of the industry as a whole. In effect, an atmosphere of distrust spreads way outside the industry, scaring away potential entrants that could have contributed to the growth of the industry. Indeed, this doubt has led to many big-wig entrants like institutional investors taking measured steps when entering the crypto space, thereby slowing down the industry\u2019s growth. The same lack of guarantee in the credibility of the industry, coupled with its volatility, has made it hard for governments to fully get on-board the crypto wagon.<\/p>\n<h2>Final Word<\/h2>\n<p>Despite the persistent problem of exchanges posting fake volumes, the crypto space is expanding exponentially. However, it\u2019s a good move for any prudent entrant to keenly study each exchange of interest when looking to sign up or get their coins listed. Hopefully, the situation will get better as regulatory authorities move to instill discipline in the industry.<\/p>\n<p>Back in July, Huobi Global exchange tweeted in support of this move:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Fascinating read by Alameda Research on wash trading in the crypto industry. <\/p>\n<p>It\u2019s a widespread issue and one Huobi thinks needs industry-wide solutions. <\/p>\n<p>BTW,  we\u2019re proud to say that Huobi Global was ranked #3 worldwide adjusted trading volume.<\/p>\n<p>Info:<a href=\"https:\/\/t.co\/OeawNBQss7\">https:\/\/t.co\/OeawNBQss7<\/a><\/p>\n<p>&mdash; HTX (@HTX_Global) <a href=\"https:\/\/twitter.com\/HTX_Global\/status\/1147159820849434625?ref_src=twsrc%5Etfw\">July 5, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As a matter of fact, governments and regulatory authorities across the world are keeping a keen eye on cryptocurrencies and their future possibilities.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">It\u2019s indisputable that the crypto industry is growing exponentially, but there have been claims that the data presented by most of the quarters in play <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/why-and-how-crypto-exchanges-post-fake-trading-volumes\" title=\"Why And How Crypto Exchanges Post Fake Trading Volumes\">[&#8230;]<\/a><\/div>","protected":false},"author":1758,"featured_media":237155,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[7742,8529,9189,9190,9188,9187],"class_list":["post-235859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-crypto-exchanges","tag-crypto-news","tag-crypto-volume","tag-exchange-volume","tag-trading-volume","tag-trading-volumes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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Graduate in Computer Science and Technology, a profession that has fueled his fascination with the crypto and blockchain technology. He has been a crypto enthusiast and writer since 2014. He currently works for InsideBitcoins, writing engaging opinion pieces on various developments within the dynamic crypto front. 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