Bitwise Asset Management, a San Francisco crypto investment firm, has applied to the SEC for a Bitcoin ETF. In preparation for their application, they conducted a study of 80 exchanges, mostly unregulated. Their findings are worse than most: they found that almost 95% of all unregulated exchanges report fake volume. As such, their ETF will be based only on the 5% that is legitimate. Bitwise’s findings are worse than most reports to date. Earlier this week, we reported on findings by the TIE, which found that around 75% of all trading was fraudulent. Prospects for an ETF seem bleak, with
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