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U.S. a Bigger-Than-Expected Source of Crypto Trades, Firm Says

  • Report from Bitwise claims other exchanges inflate volumes
  • Firm trying to create a crypto ETF sees solid regulation
SberBit Cryptocurrency Mining Hotel As Bitcoin Futures Start With A Bang
Photographer: Andrey Rudakov/Bloomberg

U.S. exchanges handle about 29 percent of global Bitcoin trading -- much more than previously thought because some unregulated rivals overseas are inflating their volumes, according to estimates from a firm working to create a crypto exchange-traded fund.

The U.S. is the world’s second-largest domicile for exchanges by trading volume after Malta, Bitwise Asset Management found in a report. The company filed the document with the Securities and Exchange Commission on March 20 as it seeks approval for an ETF. It argues that figures indicating the U.S. handles only 1 percent of investor trades aren’t accurate, and that the market is actually better regulated than popularly thought.