Fascinating slide deck. They work out a scoring system to identify exchanges with fake volume. This has a number of consequences. For example, the exchange-tra

Fascinating slide deck. They work out a scoring system to identify exchanges with fake volume. This has a number of consequences. For example, the exchange-traded volume starts to look more realistic given Bitcoin's aggregate value. Similarly, futures volume starts to look more comparable to exchange traded volume. The main benefit, however, is to surmount the SEC's objection to previous ETF applications: bitcoin market manipulation. If they succeed, Bitwise stands to become the first Bitcoin ETF in the US.