In order to more accurately depict trading activity, the "Real 10" indicator only considers the volume of transactions reported by the top ten verified exchanges. This type of metric can help people understand the true trading volume of the exchange more accurately, as many exchanges seem to be expanding their trading volume through cleaning transactions. LongHash recently published an article explaining in detail what is "Real 10".
But how accurate is the transaction volume reflected by "Real 10" compared to most reported data? Understand the volume of transactions reflected in "Real 10" by looking at popular cryptocurrency exchange web traffic estimates. The analysis shows that the "Real 10" indicator can more accurately measure the real trading volume of the exchange than the data reported by many exchanges.
Binance is an exchange that is included in the "Real 10" indicator. It is also the only exchange where web traffic estimates can support its reported volume. (For the exchanges of the "Real 10" indicator mentioned above, in addition to Binance, there are Kraken, Bitfinex, Coinbase, Bitstamp, BitFlyer, Gemini, itBit, Bittrex and Poloniex.)
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Bitwise believes that the so-called top 20 exchanges have an exaggerated component of the claimed volume. The estimates of web traffic on these exchanges add to the credibility of Bitwise's allegations.
If we compare the volume of transactions and traffic estimates reflected in "Real 10", the relationship between the two seems to be clearer. This suggests that traffic estimates are not a perfect indicator of transaction volume, but they can help us understand more exactly what is happening on these sites.
As shown in the figure, according to the "Real 10" indicator, Binance is the exchange with the highest volume in the past 30 days and has matching traffic. In these "Real 10" exchanges, no one exchange's traffic matches its confirmed transaction volume.
There are a few things to keep in mind. First, we use SimilarWeb to estimate the web traffic of each exchange, but this website can only give estimates and is not always accurate. Secondly, low web traffic does not necessarily mean low transaction volume; if there is a large number of "whales" or highly active traders in an exchange's user base, then the exchange can reasonably have low traffic and high transaction volume. .
However, our conclusions are still inspiring. At least in the past 30 days, compared to the number of transactions that have been inflated by many exchanges, the volume of transactions reflected by Real 10 is more consistent with estimates of web traffic. These values will further demonstrate the existence of cleaning transactions and other undercover operations.