Bitwise report: bitcoin is a ‘significantly more efficient market’ despite 95% fake volume

Sure 95% of the bitcoin market is fake, but the 5% that isn't is really, really efficient.

That's the thesis of a new report Bitwise put out last week showing the anomalies on fake exchanges and putting forth new evidence to suggest regulated bitcoin markets are more efficient and mature than popularly believed. The firm recently shook the crypto world when it shared a report with the U.S. Securities and Exchange Commission (SEC) showing how the overwhelming majority of volumes in crypto are fake or non-economic.

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