Chasing fake volume: a crypto-plague

OKex is a ghost town

Slippage = f(Volume), OKex, Kraken, Bitfinex, GDAX
Slippage = f(Volume), OKex, Kraken, Bitfinex, GDAX — log scale
Volume = $1b * sin ( epoch )
Poloniex is generally quite liquid across all pairs, in spite of diminished volumes since August 2017

How bad is it?

Volume = 4.4/slippage — 5.5
Pretty though
OKex data, and estimated % fake volume

Huobi, a close runner-up

Huobi data, and estimated % fake volume
Legit volumes *do not* maintain any kind of constant baseline

The Chinese rip-offs armada

HitBTC and Binance

HitBTC & Binance vs reference
HitBTC data, and predicted volume discrepancy
Binance data, and predicted volume discrepancy

Caveat

Why should you care?

The state of the Bitcoin Cash Markets, on the day of its latest pump

Conclusion

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