Depends what exchanges. Most fake volume occurs outside the 10 largest exchanges by userbase. Coinbase, Gemini, Bitstamp, Binance, etc are unlikely reporting

Depends what exchanges. Most fake volume occurs outside the 10 largest exchanges by userbase. Coinbase, Gemini, Bitstamp, Binance, etc are unlikely reporting inaccurate volume. Volume aggregators like CMC, Coingeko, and Messari have mostly kicked out suspects.