Data for the entire site is run through our tailored wash trade algorithms which have been developed over the past 12 months. All of our data is presented with wash traded volumes removed as determined by our algorithms.
There is no perfect system to determine wash trading, even with direct access to individual user exchange accounts by the exchange or 3rd party systems. However, we’ve been rigorously testing our models over the past year analyzing data and improving them every week to get the most accurate data possible across all exchanges.
Our algorithms have been tested against exchanges with 3rd party trade surveillance software installed such as Bitfinex’s Irisium and Gemini’s Nasdaq SMARTS surveillance systems. Also, against internal systems developed by professional trade surveillance engineers from wall street such as the one installed at Coinbase. Upbit and Kraken also have top notch internal systems we have tested against.
These systems have been tailored specifically to the crypto space and over time they have improved, but like all systems including ours, they are still subject to occasional false positives and negatives that need to be investigated more by internal teams. High frequency trading on high volume pairs makes determining true wash trades much more difficult, but we have also accounted for this in our algorithms and final data output.
Many different research teams including Hacken/CER, The Tie, Bitwise, and Sylvain Ribes have come to the same conclusions as our reports have been showing over the past year, so there’s been plenty of red flags raised on these exchanges already by many others.
As an example of how our system operates, a trade matched instantly that never hit the order books and is 10x larger than all of the combined bids and asks would be flagged as a wash trade. Our application does a number of checks to determine if behavior on a pair is consistent with wash trade patterns discovered on other found wash traded pairs. BTI’s personal research as well as research done by many others over the past years is factored into these equations.
To definitively prove the most accurate wash trade figure, access is needed to exchange individual user account trade data. Our data is more accurate when this is provided. However, even when not provided, our estimates have been found to be quite accurate when put up against 3rd party installed surveillance systems on these exchanges.
We will continue to consult with the many individual traders, quants, and firms who have reached out to us to offer their insights, and we welcome any others to reach us at [email protected]
Our goal here has always been to shine a light for both current and future investors in bringing more trust to the blockchain world, and we will look forward to continuing-on with this mission.
To qualify to be listed as a BTI Verified exchange, there must be less than 10% wash trading on the exchange over a 30 day period, with no single pair (with volume over 100,000) over 50% wash trading. We will review all exchanges each month and remove those as BTI Verified who do not meet this criteria, as well as add those who do meet this criteria.
BTI offers a data report service to help exchanges remove wash trading accounts from their platforms. This service does NOT guarantee BTI Verified status as the exchanges compliance team must take action on these reports to improve wash trading to meet the criteria.
“Unverified” exchanges are still under review as they have not met the criteria to be listed or we need greater access to their API data. However by using data we do have, we have determined they have less than 20% wash trading across the whole exchange.
The “Wash Trade Status” column on the exchange tables is based off the past 30 days volume.
Top Volume Gainers and Fallers
This ranking box on the homepage has a minimum criteria of $5M in marketcap and 150K in volume. (24hr)
Top Github Activity
This ranking box is a combination of commits and github events for the past 30 days only.
Top Stable Coins
This ranking box uses our algorithms to remove all wash trading from these coins. (24H)
Crypto Currency Listing
We currently only list tokens which appear on exchanges which are not wash trading greater than 20%.
Coin prices are determined by averaging data on our top 40 exchanges.