A recent study conducted by Bitwise Asset Management has revealed that as much as 95% of spot Bitcoin (BTC) trading volume has been “faked” - as it’s being inaccurately reported by loosely regulated (or unregulated) digital asset exchanges. Founded in 2017, Bitwise Asset Management is a privately-held, San Francisco-based crypto research firm that also serves as a “trusted partner to individuals, wealth managers, family offices, investment managers and institutions” in making business-related decisions in the digital asset industry.