Which exchange, Binance, Huobi, and OKEx, has the most trading volume?
Author | Qin Xiaofeng
Editor | Lu Xiaoming
Produced | Odaily
(picture from2Bitcoins.ru）
Author | Qin Xiaofeng
Editor | Lu Xiaoming
Produced | OdailyBlockchain Transparency Instituteimage description(picture from。
I don’t know when it started, exchanges and projects have become a daily routine in the currency circle.
This behavior, which is regarded as fraud in the traditional market, has become a blind eye in the domestic currency circle, deceiving each other. However, there are still some stubborn and honest projects or institutions that continue to reject this kind of behavior, and are even criticized and criticized by investors for not changing.
, referred to as BTI), which previously released a
Market Monitoring Report
According to the report, after several months of research, BTI found that more than 10% of the transactions on Binance were wash trading (wash trading, that is, "washing volume"), more than 50% on Huobi, and as high as 90% on OKEx; Among the 40 largest exchanges, about 65% of Bitcoin trading volume is fake, and almost all fake data comes from OKEx, Bibox, HitBTC and Huobi.
BTI said in the report: "(Projects) paid more than 150 BTC for listing on these exchanges. We are very happy that the report can help some projects save some money for development."
However, in an era when swiping has become an unspoken rule of the industry rather than a taboo, sometimes it is not the project being cheated by the exchange, but the project itself swiping to recharge, and both parties jointly whitewash the peace.
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False transactions become "hidden rules"
BTI found that among the top 25 exchanges on CoinMarketCap ("CMC"), 17 exchanges had fake volumes exceeding 99%, including 35 exchanges in the TOP50. Of all the exchanges ranked on the data site, more than 60% had almost no trading volume.
The following BTI intercepts CMC's top 15 exchanges on a certain day:
As can be seen from the above figure, the real trading volume of the exchange Binance is the highest, reaching 87%, which also means that its fake trading volume is 13%; the real trading volume of Huobi is 47%, and the fake trading volume is as high as 53%; OKEx has only 9% of the transactions are real, and the volume of fake transactions exceeds 90%. Other exchanges vary.
BTI also lists the exchanges with the highest real trading volume, as follows:
Exchanges with a wash trading ratio of less than 10% in the past 30 days are marked as "BTI Verified". There are nine original "BTI Verified" exchanges: Coinbase, Upbit, Bittrex, Poloniex, Liquid, Kraken, Gate, Bitso, and Lykke.
“Kraken was the cleanest exchange we found with a 99% ‘cleanness’,” the BTI report said.
BTI also pointed out that although they found that the wash trading ratio of Binance and Bitfinex exceeded 10%, they sent the data to the authorities.
Bitfinex responded that their Irisium wash trading software is mainly for the largest trading pairs, not for the middle and low trading pairs. "The overall cleanliness of Bitfinex has been hovering around 88-90%, and the cleanliness of the top trading pairs exceeds 97%." BTI explained.
Regarding the wash trading of Binance, BTI stated that Binance is basically clean, but there are still 30 trading pairs involved in wash trading on the exchange, and the trading volume of these 30 trading pairs accounts for 25% of its total trading volume to 75%; Binance is between 85-90% clean.
However, BTI also pointed out that some wash trading may not be done intentionally by the exchange itself, but by the project side.
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After researching the exchanges with fraud, BTI found that many exchanges have the same trading engine and design. These technical supports come from the third-party website Fiverr, and it only costs $850 to create a cryptocurrency exchange; it only costs $100 to brush the data to the top ten of CMC through trading robots.
stable currency
Currently, the combined daily trading volume of all exchanges on CMC is about $50 billion. But algorithmically weeding out fake trading volumes, the BFI found the accurate figure to be around $4-5 billion. About 88-92% of the daily trading volume is "customized" according to the trading situation of the day.
Additionally, approximately 92% of Bitcoin’s daily transaction volume is fake. Among the 40 exchanges with the largest actual trading volume, about 65% of Bitcoin’s daily trading volume is faked, and almost all faked data comes from OKEx, Bibox, HitBTC, and Huobi.
Which tokens are the most swiped? Among the 567 tokens listed on the TOP 40 exchanges, 150 tokens have fake transactions exceeding 50% every day; among the top 25 tokens by market capitalization, Ethereum Classic (ETC) and Wave Field (Tron) have fake transactions The most, the proportion of false transactions is as high as 85%, and it ranks 24th and 25th in the entire list of token brushing volume.
secondary titlestable currencyMost new stablecoins are also "frequent visitors" of fake transactions, including GUSD, DAI, TUSD, and PAX. Among them, GUSD has the lowest real trading volume, only 3%.
As shown in the figure above, excluding all wash transactions, USDC has the highest real transaction volume, reaching 43%; although USDT only has 8%, due to the large base, it accounts for 96% of the total real transaction volume of stablecoins. %, the dominance is evident.
