<h4>Quick Take</h4> <ul> <li>Bitwise released another report on the problem of fake volume</li> <li>Although 95% of the bitcoin volume is fake, Bitwise argues that the remaining 5% is a highly regulated and efficient market</li> <li>Fake volumes do not obscure price discovery, as real investors only draw bitcoin prices from real exchanges, said Bitwise</li> </ul>