An analysis published by Bitwise this week shows that 95 percent of bitcoin spot trading is faked by unregulated exchanges. Bitwise an asset manager in the process of trying to list first bitcoin exchange and trading echoes by regulators that cryptocurrency markets are still for manipulation.
The analysis showed that, reported 71 out the 81 ecxhanges was wash trading. Those exchanges report and aggreated $6 bilion in average daily bitcoin volume. Study finds that only $273 Milion of that legitimate.
Source : https://www.hatimeru.com/2020/01/majority-trading-crypto-is-fake.html
Coinbase pro, which reports about $27 milions in average bitcoin's volume its median spread of difference between the price a sellers want and price buyers want. While CoinBene, reported exchanges by CoinMarketCap has nearly $15 spread more than $300.
Exchangers may have an incentive to report fake volume, bad actors may look to attract listing for new initial coin offering or ICOs, who want their cryptocureency on an exchange where trading goes on.