{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,15]],"date-time":"2026-07-15T06:07:28Z","timestamp":1784095648044,"version":"3.55.0"},"reference-count":91,"publisher":"MDPI AG","issue":"7","license":[{"start":{"date-parts":[[2026,7,15]],"date-time":"2026-07-15T00:00:00Z","timestamp":1784073600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Artificial transaction generation remains an important source of potential market manipulation on cryptocurrency exchanges, as it may distort reported liquidity and reduce market transparency. This study proposes a diagnostic framework for detecting unusual trading patterns based on complexity and statistical structure measures derived from high-frequency trade-level data. The analysis considers log-returns, trading volume, and transaction counts, using tail distributions, autocorrelation functions, multifractal characteristics, approximate entropy, and detrended cross-correlations. The methodology is applied to BTC, ETH, and XRP traded on Binance, Bitget, KuCoin, and Kraken over the period from 1 April to 30 June 2025. The results reveal a pronounced anomaly on Bitget for BTC and ETH after mid-May 2025. The number of transactions increases sharply, but there is no proportional increase in traded volume or return fluctuations. This regime is characterised by numerous low-volume trades, weaker autocorrelations, reduced multifractal organisation, higher short-pattern irregularity, and weaker cross-correlations involving the transaction-count series. These features are consistent with a noise-like component in trading activity and may indicate artificially increased transaction counts, although they do not provide direct proof of wash trading. The findings show that complexity-based indicators can be useful for detecting exchange-specific trading anomalies that remain hidden in price-based measures.<\/jats:p>","DOI":"10.3390\/e28070804","type":"journal-article","created":{"date-parts":[[2026,7,15]],"date-time":"2026-07-15T05:39:38Z","timestamp":1784093978000},"page":"804","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Detecting Unusual Trading Patterns on Cryptocurrency Exchanges by Means of Complexity Measures"],"prefix":"10.3390","volume":"28","author":[{"ORCID":"https:\/\/orcid.org\/0009-0007-2854-9248","authenticated-orcid":false,"given":"Jakub","family":"Zwydak","sequence":"first","affiliation":[{"name":"Faculty of Computer Science and Mathematics, Cracow University of Technology, ul. Warszawska 24, 31-155 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2131-7440","authenticated-orcid":false,"given":"Marcin","family":"W\u0105torek","sequence":"additional","affiliation":[{"name":"Faculty of Computer Science and Mathematics, Cracow University of Technology, ul. Warszawska 24, 31-155 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8813-9637","authenticated-orcid":false,"given":"Jaros\u0142aw","family":"Kwapie\u0144","sequence":"additional","affiliation":[{"name":"Complex Systems Theory Department, Institute of Nuclear Physics, Polish Academy of Sciences, ul. Radzikowskiego 152, 31-342 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1613-6175","authenticated-orcid":false,"given":"Stanis\u0142aw","family":"Dro\u017cd\u017c","sequence":"additional","affiliation":[{"name":"Faculty of Computer Science and Mathematics, Cracow University of Technology, ul. Warszawska 24, 31-155 Krak\u00f3w, Poland"},{"name":"Complex Systems Theory Department, Institute of Nuclear Physics, Polish Academy of Sciences, ul. Radzikowskiego 152, 31-342 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2026,7,15]]},"reference":[{"key":"ref_1","first-page":"1","article-title":"Multiscale characteristics of the emerging global cryptocurrency market","volume":"901","author":"Minati","year":"2021","journal-title":"Phys. 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