Science & Technology

Half of reported Bitcoin trading volume is likely fake — Forbes 

As Forbes analysed data from 157 crypto exchanges, it appeared that 51% of the reported Bitcoin trading volume may not match up with actual data

bitcoin trading volume

Half of reported Bitcoin trading volume is likely fake — Forbes. Source:

According to an Aug. 26 report from Forbes, more than half of all reported Bitcoin trading volume is likely to be fake or non-economic. Forbes estimated that the global daily bitcoin volume for the industry was $128 billion on June 14. However, when one sums up self-reported volumes from multiple sources, they get 51% more, namely, $262 billion.

The Forbes analyst found out that a group of small exchanges had BTC trading volumes roughly 95% less than those reported. Meanwhile, those operating “with little or no regulatory oversight” — including Binance and Bybit — claimed to have more than double the analyzed volume: $217 billion vs $89 billion.

Out of 157 exchanges in question, 48 traded with the smallest mismatch margin (0-25%). Other 73 companies had their trading volumes bloated by 26-79%. Finally, 36 crypto exchanges claimed to trade $59 billion, while their actual volumes totalled only $7.7 billion. 

Experts suggest that such a huge mismatch regarding the most regulated and closely-watched crypto asset means data about smaller crypto assets should be taken with even greater precaution and scepticism. 


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Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.