Analysis of volume per website visit indicates larger traders are re-entering the game

San Francisco-based Bitwise Asset Management released an influential study in May, in which it used screen scrapers to collect live trading data from over 80 exchanges in order to determine which exchanges didn’t fake their volume. Only 10 exchanges passed Bitwise’s tests - Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex, and Poloniex.

According to The Block’s findings, at least 11 other, albeit lesser-known, exchanges also appear to have legitimate traded volume.