On Friday, JPMorgan analyst Nikolaos Panigirtzoglou said in a report that according to CMC data, recent reports from the Bitwise and Blockchain Transparency Institute show that only a small percentage of reported bitcoin transactions may be true. If only about 5% of the $725 billion reported in May is true, this means that the actual trading volume of Bitcoin in the cryptocurrency exchange this month is about $36 billion. The estimated total volume of CME and Cboe futures contracts is $12 billion, up from April's $5.5 billion and the average monthly volume of $1.8 billion in the first quarter of 2019. One of the main implications of this is that the importance of the “listing (bitcoin) futures market is greatly underestimated. The Bitwise report believes that bitcoin futures trading is an important advance to allow short selling, allowing arbitrageurs to make appropriate arbitrage, and In April and May, the futures share of Bitcoin's spot trading volume rose sharply."