Falsified trading volume data has become one of the key problems of the cryptocurrency market. After Bitwise's report in March, exchanges and data portals acknowledge the problem.

Bitwise Asset Management sent another report on the cryptocurrency market to the US Securities and Exchange Commission (SEC). If in March, in a similar report, Bitwise said that more than 95% of the trading volume was fake, now the company’s analysts say that the presence of widespread fake volume is widely understood and successfully being resolved.

The report, published on 17 September, describes how the cryptocurrency market has evolved and improved over the past two years. Bitwise notes that the spot market became more efficient. The average deviation in prices on the 10 real spot bitcoin exchanges is steadily decreasing. If in December 2017 this indicator was slightly below 1%, currently it fell below 0.1%.

Furthermore, the infrastructure of the bitcoin market significantly expanded. There are many new institutional custody services operating in the legal field, with licenses from local jurisdictions that allow storage and management of virtual currencies. The report also mentions that a record trading volume of bitcoin futures was recorded on the Chicago Mercantile Exchange (CME) in 2019, which indicates that the regulated cryptocurrency futures market gained strength and occupied its niche in the market. Currently, CME bitcoin futures represent a significant protion of the real spot bitcoin market. If in December 2017 it accounted for less than 3% of total bitcoin spot volume, in April and May 2019 it accounted for 45% of total bitcoin spot volume. The average daily volume for bitcoin futures on the CME in August 2019 was $234,385,300.

Finally, Bitwise notes that actual spot volume stands at $1,000,000,000, with reported volume in August being $17,000,000,000.