BitWise Asset Management has been transferred to the US Securities and Exchange Commissions (SEC) Report, which states that futures for Bitcoin have a much greater impact on the market, which was supposed, since many cryptocreuses fake data on trade volumes.
According to BitWise analysts estimates, 95% of the spot market are fake, so the average daily trade turnover of BTC is only $ 273 million, and not $ 6 billion, as indicated on Coinmarketcap. At the same time, full-fledged markets exist on 10 exchanges, such as Binance, Bitfinex, Coinbase, and the variation of prices between them does not exceed 1%.
Based on this, the company’s specialists came to the conclusion that the cumulative average daily trade volume of Bitcoin futures, reaching $ 85 million, has a much effect on the cryprotes than is considered to be considered.
BitWise argues that in addition to analyzing technical information on the activities of exchanges, human psychology was also taken into account, for example, preference to traded entire amounts, not fractional, and a small amount of coins. The nuances of the calculation technique are set out by 277 pages.
The report is presented in order to convince SEC in the fact that without taking into account fake volumes, the market is effective, adjustable and arbitration. Since the Commission now considers
BitWise estimate is not very different from the results of the study of the analytical platform The Tie, which previously also reported that