While I was working at a crypto fund I did an experiment with the ceo of one of the largest liquidity providers at the time in crypto, we analyzed how many trad

While I was working at a crypto fund I did an experiment with the ceo of one of the largest liquidity providers at the time in crypto, we analyzed how many trades were printing compared to the depth of market at this one particular exchange (I forget which now because it was a while ago). We noticed there was significant fake volume on the exchange, for example an order of 50 bitcoin would print at some level, and the depth of market and pricee would not change at all, even at the level of interest. This went on pretty much all day. That being said I don’t think bitcoin’s trading volume is a majorly faked. I think there are a few bad actors in the exchange industry, especially during the bubble, who were trying to give the illusion of volume and popularity to drive more clients so they could extract their fees + raise money. If people are truly worried about this issue then just trade on a regulated exchange like CME.