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The Dynamics of Cryptocurrency
Most of the volume in crypto runs through overseas exchanges, right? It ran through FTX before it was shut down. It was now running through finance or, you know, finance is the biggest crypto exchange by a country model. But how much of that volume is real? Wash trading is an enormous part of cryptocurrency. And you've seen it in the SEC charges against finance. I believe the allegation of their first or second day they were set up was that 99% of the volume was trading 70% on the first day. So it's just not there.