This suggests that >90% of BTC trading volume is fake: https://www.sciencedirect.com/science/article/abs/pii/S1544612321000635#:~:text=The%20Bitwise%20Managemen

This suggests that >90% of BTC trading volume is fake: https://www.sciencedirect.com/science/article/abs/pii/S1544612321000635#:~:text=The%20Bitwise%20Management%20report%20suggests,non%2Dregulated%20exchanges%20is%20fake https://www.sciencedirect.com/science/article/abs/pii/S15446.... But the study is from 2021, maybe introduction of Bitcoin ETFs made things better.