Published fake-volume estimates: 51%–95%

Published estimates put fake or non-economic bitcoin volume at 51% to 95%, and above 70% on unregulated venues. Why the studies disagree, why depth and slippage judge a venue better than volume (Binance: 64.3% of volume, 30.7% of depth, per Kaiko), and what to check yourself. There is no agreed figure for how much reported crypto volume is real. That regulated-versus-unregulated gap is the most consistent finding across all of them.

- Unregulated venues: >70%
- Binance volume share vs depth share: 64.3% vs 30.7%
- Charged, March 2026: 10

The observation window and population are stated in the study's method section.

Study: https://vultax.com/research/crypto-wash-trading-what-the-research-shows
Markdown: https://vultax.com/research/crypto-wash-trading-what-the-research-shows.md
Share card: https://vultax.com/og/article/research/crypto-wash-trading-what-the-research-shows
Live screen: https://app.vultax.com/predictions/crypto/BTCUSDT

Vultax Research, Crypto Wash Trading and Real Liquidity: Fake-Volume Estimates Run From 51% to 95%, 2026-10-25, https://vultax.com/research/crypto-wash-trading-what-the-research-shows