7) Because futures aren't on CMC exchanges mostly don't fake their volume. So even if there's $50m of fake spot volume, the $5B of real futures volume totally overwhelms that.
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Hm so we should probably make it more explicit how each exchange performs separately on futures and spot; what we're displaying is the aggregated result, which depends heavily on futures.
However, even their spot would have passed, though it would have been closer.