The management company scriptactive Bitwise Asset Management in addition to the application to launch a bitcoin ETF submitted to the Commission on securities and exchange Commission (SEC) and analytical document, according to which about 95% of the volume of trading on unregulated exchanges are either fictitious or does not have economic sense. However, Bitwise believe that the cryptanalytic service CoinMarketCap spreading questionable data, manipulating beliefs about the actual size of the stock market.
The real volume of the bitcoin market, according to analysts Bitwise, is $273 million At the same of the ten stock exchanges with the real trading volumes is followed by nine Network requirements to combat financial crimes (FinCEN) and the Department of financial services of the state of new York. Five of these kryptomere to prevent manipulations on the market to implement advanced systems of market surveillance.
Given the significant turnover on the regulated futures markets, CME ($85 million) and Cboe ($6 million) and the fact that in its bitcoin ETF Bitwise intends to use data from those 10 kryptomere that demonstrate real momentum, the company believes that its application meets the requirements of the securities act and speaks of the ability to resist manipulation in the market – as demanded in sec.
Recall that the SEC had previously reported that on February 11 proceeded to the consideration of the application Bitwise on changing the rules for listing a bitcoin ETF on the NYSE Arca and intends to give an answer on it within 45 days.