High Volume Doesn’t Mean Liquidity: New Kaiko BTC Exchange ReportUntil now, the Bitcoin industry has determined the size and market share of these exchanges by examining trade volume data, which is generally supplied by the companies themselves. Given the varying methodologies employed by different companies to record this information, and the fact that trades represent past prices and not available offers, it may not always offer the most accurate price of bitcoin.
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https://news.bitcoin.com/new-kaiko-bitcoin-liquidity-report/