Bitcoin futures volume was about a third of the spot volume in May

Bitcoin futures volumes have surged to record highs of $12 billion in May, a growth of 118% from April. JPMorgan estimated that after discounting the faked volume, the real spot Bitcoin volume on cryptocurrency exchanges was around $36 billion in May, meaning that the futures share of spot volumes was about 33%.

JPMorgan said that because of fake volume, the importance of Bitcoin futures has been understated, which "suggests that market structure has likely changed considerably since the previous spike in Bitcoin prices in end-2017 with a greater influence from institutional investors."