Bitwise report makes claim: “Only 10 exchanges have actual volume”

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Bitwise recently submitted a report to the SEC concerning their research on the current state of affairs among crypto exchanges, in relation to their own filing for a Bitcoin ETF. According to the 226 slides that they submitted, 95% of all Bitcoin spot trading that is reported is faked, and only 10 exchanges have any real (>$1 million daily) trading volume.

Bitwise summarized their findings in a twitter dump, and here are some highlights:




The report goes onto explain how this isn’t really all bad news. They claim that when you remove the “fake” volume, the actual spot volume percentage matches well with what we see in the gold markets, and is only a bit higher than what we see for the crypto futures market. The point Bitwise is trying to make to the SEC is that despite everything, the crypto market is still incredibly healthy.


Some users on twitter found the claim hard to believe that no other exchanges had significant volume:

It is unclear at this time if Bitwise will have a response to this claim.

Ultimately, this is just a few key points, as the full report gets into the methodology for this research and far more detailed results. The tone is very positive and optimistic about the nature of the current crypto markets. Will this help change the SEC’s stance towards crypto and usher in the first Bitcoin ETF? Stick with Chepicap to find out.

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