According to LongHash, CMC data showed that on June 4, Bitcoin's 24-hour trading volume was approximately $23 billion. However, this figure may be overvalued as many exchanges are falsifying their trading volume. Encryption research firm Messari said that according to its Real 10 indicator (only considering the data provided by the top ten exchanges that accurately report the volume of transactions), Bitcoin's 24-hour actual trading volume is close to $1.5 billion, and the difference in trading volume may be as high as 93%. The top 100 other cryptocurrencies may also be manipulated on a similar scale. Miaoari product director Qiao Wang said: "Transaction volume is an important indicator of liquidity, and liquidity is particularly important for currency assets such as Bitcoin. In general, the higher the liquidity, the healthier the currency assets. The volume misleads people to think that an asset is healthier than it actually is.” Wang said: “According to the Bitwise study, the 10 exchanges considered by Real 10 are Coin, Kraken, Bitfinex, Coinbase, Bitstamp, BitFlyer, Gemini, itBit, Bittrex and Poloniex. We strongly believe that there are no wash transactions on these exchanges, but this does not necessarily mean that the volume of transactions reported by other exchanges is 100% of the sale. Therefore, the volume of 'Real 10' may underestimate the global The actual transaction volume is about twice."