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Do Block Trades Affect the Calculation of a Cryptocurrency’s 24-Hour Trading Volume?

Generally, block trades executed on private OTC desks are not included in the publicly reported 24-hour trading volume of centralized exchanges. The reported volume usually only includes trades executed on the exchange's public order book.

This exclusion is a reason why the true liquidity and volume of a cryptocurrency market are often underestimated by public data aggregators.

What Is the Primary Role of an OTC Desk in Facilitating Institutional Crypto Block Trades?
Who Won the Nobel Prize for This Work and Why Was One of the Creators Excluded?
Are There Regulatory Differences in Reporting Requirements for Trades Executed via Iceberg Orders versus in Dark Pools?
Are Crypto Block Trades Ever Publicly Reported?