Bitwise: Nearly 95% of reported bitcoin trading volume are artificially created by unregulated exchanges24

A majority of bitcoin trading volume is artificially created by unregulated exchanges, according to a Bitwise Asset Management report cited by The Wall Street Journal.

Bitwise, a crypto asset management firm, recently submitted an application with the SEC to launch a bitcoin-based ETF. As part of the application, the firm attached a report in which it collected and analyzed Bitcoin trading data, over four days in March, across 81 cryptocurrency exchanges. For the report, the firm looked for patterns that show real and artificial trading, concluding that 95% of the reported trading volume of these exchanges were questionable, including "patterns that indicated the trading on them appears manufactured."

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