How much of that volume is real though? Most of those calculations are based on self reported volume from exchanges no one has even heard of. How systemic tha

How much of that volume is real though? Most of those calculations are based on self reported volume from exchanges no one has even heard of. How systemic that risk really is is not very clear since it is concentrated to certain types of exchanges where the regulatory risk tends to be already quite high. A bank run on them would still be huge.