Cryptocurrency

Analysis of cryptocurrency exchange traffic: Could results hint at faked volume?

Quick Take

  • The most visited crypto exchanges were Binance and Coinbase with more than 57 million visits
  • Exchange volume doesn’t seem to be correlated to traffic
  • The most traffic in November came from the United States with 22.3 million visits
  • The vast majority of traffic is direct (78%) or resulting from an organic search (11%)

The Blockchain Transparency Institute released a research report in August which estimated that over $6 billion dollars in daily trade volume is being faked with over 67% of daily volume being wash traded. This disturbing discovery could mean fraud is rampant in the industry, but The Block looked deeper for a more precise analysis of the situation.