I have read this analysis by
@BitwiseInvest for 81 exchanges reporting "more than 1M in BTC volume on CMC" The results were as follows:
About 95% of the reported BTC spot volume is fake as the daily spot volume is ~$270M from 10 regulated exchanges[1] that have special laws on manipulation.But how do you know the real/fake BTC spot volume? Two tests were used:
- First: Real exchanges contain more trades in small amounts compared to large amounts. The chart below explains more:
- Second: Real exchanges contain volume spikes that align perfectly:
By removing fake volume, the real BTC volume is entirely in line with gold.
Gold’s market cap is ~$7T with a spot volume of ~$37B implying a 0.53% daily turnover.
Bitcoin’s $70B market cap would imply a 0.39% daily turnover, very much in-line with that of gold.
Read more about the subject, some analysis, news, and source ----->
https://threadreaderapp.com/thread/1109114656944209921.html[1] @binance, @bitfinex, @krakenfx, @Bitstamp, @coinbase, @bitFlyerUSA, @Gemini, @itBit, @BittrexExchange, @Poloniex / @circlepay