Summary of points:
1. According to the report, 36% of the exchanges (11) have a real trading volume ratio higher than 80%; nearly 50% of the exchanges (14) have less than half of the real trading volume. It is worth noting that more than 25% (8) of the exchanges have a real trading volume of less than 20% of their reported volume.
2. In March 2019, Bitwise stated in a report to the SEC that the “brushing” behavior of the bitcoin market was serious. The real market volume was about 4.5% of the reported transaction volume, and only 10 exchanges were able to report real trading volume. . This report is the first time that research institutions have published research on “brushing volume” through public channels, and market participants are shocked by this result.
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3. In July of the same year, market liquidity and over-the-counter provider Alameda Research released relevant research reports and continued to publish real-volume volume monitoring data. The results show that at present (September 25, 2019), 66.4% of the cryptocurrency market is a false transaction. Alameda Research has three conclusions about the authenticity of the exchange's reported volume: credible, 50% credible and untrustworthy.
4. For the average investor, the difficulty in real trading volume analysis is that it is difficult to obtain the complete transaction data of the exchange.
5. TokenInsight, as a leading blockchain rating and research organization, has spared no effort to establish its own data center in the tangible interests of investors, from 10:30 on June 26, 2019 to July 28, 2019. During the period of 23:55, the transactions of 30 major exchanges were recorded. Subsequently, we used a self-developed quantitative analysis model based on power-law distribution, and referred to the comparative analysis method proposed by Bitwise, and the qualitative and quantitative two-pronged “brushing” analysis.
6. The results show that there are still serious “brushing” behaviors on certain exchanges.
7. TokenInsight's official website will be launched on the “Market Real Trading Volume” monitoring page in the near future. Market participants can view the real-time real trading volume of each exchange through this page; and we are simultaneously developing two kinds of identification “brushing” behaviors. The model will be released after the completion of the supplementary report.
8. This data is based on TokenInsight's first power-discipline-based quantitative model, which analyzes the BTC-USD(T) currency of 30 major exchanges for July/August 2019.
For more information, please refer to TokenInsight "Exchange Real Trading Volume Report (Top)", "Exchange Real Trading Volume Report (Bottom)" and "Exchange Real Trading Volume List".