Stats › Crypto › Crypto wash trading
Three famous crypto volume estimates measure three different things and must not be averaged
| Group | Equal weighted | Volume weighted | With exchange controls |
|---|---|---|---|
| All unregulated | 70.85% | 77.50% | 60.96% and 71.43% |
| Unregulated, upper tier | 53.41% | 61.86% | not reported |
| Unregulated, lower tier | 81.76% | 86.26% | not reported |
| Regulated | no systematic wash trading detected | cross validation put it below 5% |
Share of an exchange's own reported volume that is wash trading, from 448,475,535 transactions across 29 centralised exchanges between 9 July and 3 November 2019, covering four major pairs against the dollar. Three exchanges in the sample are regulated, ten are upper tier unregulated and sixteen lower tier. Published as the lead article in a management journal in 2023.
One peer reviewed study puts wash trading at 70.85 per cent of unregulated exchange volume. An asset manager's filing says 95 per cent of reported bitcoin volume is fake. A third study says 90 per cent of on chain volume is not economic. They are not the same quantity.
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