Bitwise Asset Management analyzed trading activity at 81 exchanges over four days in March and found that the volume of trading is much lower than reported.

Of the roughly $6 billion in reported daily volume during four days in March, the firm calculated that about $273 million was legitimate.

The company undertook the study with an application to launch a Bitcoin ETF so it has a conflict of interest. However another recent study from Crypto Integrity said 88% of all activity in February had been inflated.

The WSJ first reported on the study: