What is the difference between adjusted and reported volume for exchanges? I'm trying to get an idea of exchange ranking in terms of trading activity (i.e. volume). I've had a look at www.coinmarketcap.com. There are 3 sortings which are rather different:


Exchanges by adjusted volume
Exchanges by reported volume
Exchanges by liquidity


How are adjusted volume and reported volume different? Why are the rankings on both so different? I also had a look at https://nomics.com/exchanges which gives yet another ranking different from the ones above.
According to some research, reported volume is inflated by up to 95%. The figures in adjusted volume usually either remove exchanges whose reports are unreliable or attempt to determine the actual volume in some fashion. One source of highly increased volumes is that some exchange take fees for deposits and withdrawals but no fees on trades. Many sites remove trades without fees in their adjusted volume metric.

Liquidity pertains to the volume of the order books of an exchange.