Market Structure
December 18, 2019, 11:51AM EST
• 3 min read

Introducing The Block legitimate volume index, an extension of regional exchanges on top of 'Bitwise 10'

Larry Cermak

Quick Take

  • According to The Block’s findings, 14 lesser-known exchanges on top of ‘Bitwise 10’ appear to have legitimate, non-negligible volume
  • The Block legitimate volume is a group of 24 exchanges vetted by The Block: LMAX Digital, Bitbank, Coincheck, Zaif and others
  • The Block also believes that, despite suspected faking, there is a significant real volume on  Huobi, OKEx, Bithumb, Upbit, KuCoin, Coinfloor, Liquid and Gate.io
  • The Block legitimate volume peaked in June with $124.2 billion and has since fallen by about 60% to $49.5 billion.

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