No, it does not. It says that less than half a percent went to well known merchant service providers. The rest did not. The statement that the rest is speculat

No, it does not. It says that less than half a percent went to well known merchant service providers. The rest did not. The statement that the rest is speculation is, in itself, pure speculation. We don't know how to separate speculation from non-speculation. One could easily argue that the payments to merchants is no less speculative than payments to exchanges (what does it matter if you sell your Bitcoin for a carpet or for dollars?). There's also the fact that most speculation probably never sees the blockchain. They are simply contracts somewhere or entries in Coinbase's database.