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Last week, Bitwise released a research report that revealed just how illusory trading volume numbers are among crypto exchanges outside the United States.

The study, which accompanied Bitwise’s recent Bitcoin (BTC) ETF filing with the SEC, found that around 95% of the Bitcoin trading volume for the top-81 exchanges on CoinMarketCap, the largest cryptocurrency market data aggregation site in the world, is likely fake.

Notably, Bitwise claims that only 10 cryptocurrency exchanges have ‘actual’ volume, including major names like Binance, Coinbase, Kraken, Gemini and Bittrex.

Interestingly, CoinMarketCap agrees with the study. According to a report today by Bloomberg, CMC is well aware of the fake volume problem that plagues the website. In response, the site revealed that it plans to include liquidity measures, hot and cold wallet balances and traffic data for listed exchanges.

“For instance, if an exchange with low traffic has $300M volume and just 5 BTC in its wallet, users will be able to draw their own conclusions without the need for us to make arbitrary judgment calls on what is ‘good’ or ‘bad,'” said Carylyne Chan, CoinMarketCap’s global head of marketing. “We want to state that our philosophy is to provide as much information as possible to our users, so that they can form their own conclusions and interpretations –- and not introduce our own bias into that mix.”

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CoinMarketCap will likely look to move fast to address user concerns, as major competitors are already jumping on the opportunity to refine their products based on CMC’s weaknesses. One example being Messari, which introduced two new metrics yesterday: “Real 10,” the trading volume from the 10 exchanges found to have real volume and “Liquid Cap,” an alternative to market cap.

More: Crypto Aggregator Says Concerns Over Inaccurate Data Are Valid
Related: Research: 95% of Bitcoin (BTC) Trading Volume Is Fake

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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