According to a report by Coindesk, a recent report by Bitwise Asset Management shows that the bitcoin spot market today is different from what is widely believed to be the case. The reality is that it is "larger in size but much more efficient." Bitwise said in a white paper submitted to the Securities and Exchange Commission (SEC) last Friday that the quality and arbitrage of the bitcoin spot market has "significantly increased" since the beginning of 2018. In terms of comprehensive prices, the average deviation of bitcoin prices of 10 exchanges with real trading volume showed a downward trend, indicating that the arbitrage efficiency between exchanges is getting higher and higher. The report added: "Although the volatility is large, and (sometimes) the overall transaction volume is declining, but this is still caused by a large number of factors reflecting the growing maturity of the encryption field." In addition, Bitwise also said that the CME bitcoin futures market It is also growing steadily.