Bitwise report makes claim: "Only 10 exchanges have actual volume"

23 Mar, 2019
by David Borman
Bitwise report makes claim: Only 10 exchanges have actual volume

Bitwise recently submitted a report to the SEC concerning their research on the current state of affairs among crypto exchanges, in relation to their own filing for a Bitcoin ETF. According to the 226 slides that they submitted, 95% of all Bitcoin spot trading that is reported is faked, and only 10 exchanges have any real (>$1 million daily) trading volume.

Bitwise summarized their findings in a twitter dump, and here are some highlights:

The report goes onto explain how this isn't really all bad news. They claim that when you remove the "fake" volume, the actual spot volume percentage matches well with what we see in the gold markets, and is only a bit higher than what we see for the crypto futures market. The point Bitwise is trying to make to the SEC is that despite everything, the crypto market is still incredibly healthy.

Some users on twitter found the claim hard to believe that no other exchanges had significant volume:

It is unclear at this time if Bitwise will have a response to this claim.

Ultimately, this is just a few key points, as the full report gets into the methodology for this research and far more detailed results. The tone is very positive and optimistic about the nature of the current crypto markets. Will this help change the SEC's stance towards crypto and usher in the first Bitcoin ETF? Stick with Chepicap to find out.

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Do you believe this report is likely to be true?

(18 votes)

Add a comment

I just love how on different sites they write different exchanges that are true. Well, at least bitfinex and binance are everywhere.
23 Mar, 2019 - 08:08
actually,this report looks really faithful. bitfinex and binance are top, without any doubts
26 Mar, 2019 - 05:04
bitfinex and binance alays appear on the top rates!
02 Apr, 2019 - 06:03
i do not believe that scam project like coinbase is reporting honest volume. binance is definitely better
23 Mar, 2019 - 11:41
after so many fraudulent actions from coinbase nobody would believe that this exchange can be doing something honest
23 Mar, 2019 - 12:01
I thought that bittrex was also supposed to be there. And how about last year winners? Binnance and bitfinex are here and where's liquid?..
23 Mar, 2019 - 21:52
as stated binance, bitfinex and all other exchange are liquid
27 Mar, 2019 - 23:36
this report from bitwise proves says that coinbase provides accurate data however i do not believe this scam place any longer. very suspicious
25 Mar, 2019 - 10:05
I don't believe coinbase as well all these time coinbase did total shit
26 Mar, 2019 - 08:15
Nice to read that Bittrex and Bitfinex are among trustworthy exchanges.
25 Mar, 2019 - 22:46
i would add to bittrex and bitfinex binance and huobi as well. all these four exchanges do great job and provide excellent service
10 Apr, 2019 - 21:40
Too many dirty players at this market hopefully there are normal exchanges like Bitfinex.
25 Mar, 2019 - 23:02
there are some good exchanges like bitfinex and bittrex but still some provide fake volumes
03 Apr, 2019 - 08:36
Surprised to see Poloniex in this list taking into consideration its bad repuatation.
25 Mar, 2019 - 23:33
don't pay attention
just look on other exchanges
binance, bitfinex, bittrex, kraken
16 Apr, 2019 - 21:26
Smearing Bitfinex looks like a foolish mistake, and the exchange's opponents tend to paint themselves in a highly questionable light
26 Mar, 2019 - 17:42
bitfinex community doesn't pay attention to it so just skip
04 Apr, 2019 - 08:22
coinbase didn't have any real volumes
26 Mar, 2019 - 21:58
Some exchanges are not safe but anyway I am here to see bitfinex and it is on the top. I can sleep quietly
26 Mar, 2019 - 22:59
bitfinex is always on the tob together with my favorite binance
27 Mar, 2019 - 00:04
coinbase always lies about the volumes
26 Mar, 2019 - 23:03
it doesnt matter you can leave it.
there is great number of exchanges to choose
I recommend binance, bitfinex, bittrex
04 Apr, 2019 - 00:53
Surprised to see Poloniex in this list thought it is inactive now.
27 Mar, 2019 - 00:28
don't worry, all the users are on bitfinex and binance
19 Apr, 2019 - 19:55
hell yess!! bitfinex did it! doesn't matter haters rumors, bitfinex community we are best!
27 Mar, 2019 - 00:44
bitfinex always takes top rates as well as binance and bittrex
02 Apr, 2019 - 06:25
actually BTI December report has already confirmed that binance and bitfinex report accurate volumes. definitely very reliable exchanges
27 Mar, 2019 - 09:01
what was a pleasant surprise to see that your exchanges where you trade regularly are included in the list:
Binance, Bitfinex, BittrexExchange !
27 Mar, 2019 - 18:29
the same to me. these exchanges are always on the top and reliable platforms as well.
mostly I use itBit, binance and Bitfinex
28 Mar, 2019 - 01:37
poloniex is similar to scam- it can't be in such list. seems poloniex paid for the article
27 Mar, 2019 - 23:05
And Bitfinex is among these 10. Interesting what will haters and some journalists say/write now.
28 Mar, 2019 - 21:06
I can't say that I am surprised about it,. Bitfinex, Binance and Kraken always take topmplaces and give real data
03 Apr, 2019 - 12:12
At least we got 10 trustworthy platforms and good that Bitfinex is among them.
28 Mar, 2019 - 23:02
not only bitfinex but binance and bitrex as well
05 Apr, 2019 - 00:27
i never had a doubt about bitfinex and binance are repoting actual and real data
29 Mar, 2019 - 09:13
every time i see smth about Poloniex that really knocks me out! I had experienced lots of problems in this platform. I think it is rather old fashioned and outdated. The interface is poor and the trades work badly. dont think that its a good idea to join poloniex
29 Mar, 2019 - 22:18
not only you think so. poloniex became total shit after last updates and I don't even know how to use it with all the bags
31 Mar, 2019 - 02:23
me too! i totally agree with u. one day it will disappear from crypto market as it cant compete with other huge platforms any more. polo isnt cool yet and they need to come to terms with this fact
04 Apr, 2019 - 08:35
lol are you gays ok?
poloniex can't have right volumes.
only if the volumes are 0
all the time maintenances
01 Apr, 2019 - 06:45
2019 is really successful for Bitfinex – and we have only 3 month behind, I think that we must expect more pleasant news from the platform
02 Apr, 2019 - 16:34
as we see now bitfinex really has more good news for us
11 Apr, 2019 - 00:16
Don’t forget that Bitfinex is not a week-long trading, they are very experienced team
02 Apr, 2019 - 17:00
of course, everyone understands such the viable and important data
03 Apr, 2019 - 06:52
bitfinex has earned quite some positive reputation already let us see if this year reinforces is further
02 Apr, 2019 - 20:04
bitfinex has not only reputation but a huge community with the exchange
03 Apr, 2019 - 22:30
bitfinex was always an exchange with good reputation
05 Apr, 2019 - 01:07
Poloniex is too inactive to be in this list.
02 Apr, 2019 - 22:31
it seems like poloniex always will have these small errors that will be solved by maintenance almost each week
04 Apr, 2019 - 13:29
poloniex is in the list but have zero volume. it is true
05 Apr, 2019 - 02:07
anyway the report is true. as always bitfinex, binance, bittrex on the list
06 Apr, 2019 - 07:52
I always knew that we can rely on Bitfinex – this platform doesn’t need to lie about its’ trading volume
06 Apr, 2019 - 14:36
as bitfinex and kraken go to the Barcelona conference this exchanges are really faithful with volumes and all other
07 Apr, 2019 - 09:29
coinbase is in this list but I am sure they are among those who do regular manipulations of the volumes and etc.
07 Apr, 2019 - 09:47
there is nothing better than to see you favourite exchanges on the list
bittrex, binance, bitfinex are here so coinbase doesn't matter
09 Apr, 2019 - 18:30
Its an alarming wakeup call, we have to admit, can we be safe if we stick to platforms like Bitfinex who seem to have avoided this volume issue? lets hope so
07 Apr, 2019 - 15:02
bitfinex gave the right data and hopefully all the other exchanges which are not on this list will do the same
09 Apr, 2019 - 08:23
well, almost all these exchange are top and have lot of users
for example bitfinex
ofc real users and volumes
no other way
09 Apr, 2019 - 20:14
It’s up to us whether to use lying and scammy platforms or prefer to stay with platforms like Binance or Bitfinex
10 Apr, 2019 - 14:32
If you are not respected, you are nothing in crypto - and since Bitfinex remembers that, they always take the matter of their reputation seriously
11 Apr, 2019 - 14:32
Excuse me, but Bitstamp already overstepped any limit. Their KYC procedure is blowing my mind.
11 Apr, 2019 - 04:13
Just compare Poloniex with other crypto exchange platform. Do you still doubt that they are outsiders?
11 Apr, 2019 - 04:28
Well, if Bitfinex stays the platform I can potentially rely on, I might do some trading on it in the future
11 Apr, 2019 - 13:58
me as well. bitfinex and bittrex are the best on this list
11 Apr, 2019 - 22:08
that’s hard to work that intensively but Bitfinex manages to do it, so much new recently!
14 Apr, 2019 - 14:20
Holy f*ck, Poloniex, really? Never, guys, never use that platform.
14 Apr, 2019 - 23:48
in just a few months Poloniex will face liquidation and crypto will have 1 less scam to deal with, thats such an amazing realization, ah
15 Apr, 2019 - 22:13
it's officially in the news now - clients leave Poloniex, and that's smth other users warned us about all along, looks like they were 100% right
19 Apr, 2019 - 04:23
for now spring is successful for Bitfinex, although im not surprised since they do work themselves to the bone it seems
15 Apr, 2019 - 12:10
I found Bitfinex only by accident, and it is great that I did, since this exchange made my trades a more bearable and profitable experience
15 Apr, 2019 - 17:34
You’ll see Bitfinex will be a primary trading in 1-2 years, their moving forward must bring the results!
15 Apr, 2019 - 18:21
believe what? what an awful results! i cant admit that polo is a trustworthy and honest platform, it seems to me that it is inactive any more
16 Apr, 2019 - 20:34
generally Bitfinex is one of the most stable platforms on the market, I would support it until it remains is such conditions
18 Apr, 2019 - 14:54
think that we must appreciate the possibility to work on Bitfinex, the platform has improved its’ performance in 2019 and that’s not the peak for them
18 Apr, 2019 - 15:21
lets look at the truth here — Poloniex got nothing to look forward to besides their own liquidation, which is purely their own fault btw
20 Apr, 2019 - 04:51
Poloniex should be ashamed for their regular comments cancelation on medium. That’s very low and damage to their reputation more.
20 Apr, 2019 - 05:18

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