
You cannot count what you cannot recognise
The figures quoted about this market come from frameworks built somewhere else, for somewhere else. The missing local context isn't a detail — it's the whole finding.
A model built abroad can see that value moved on a chain. It cannot see that one address belongs to a cash-out service paying into a bank account, that another is a treasury moving its own float between wallets it already owns, or that a stream of small transfers is a person rather than a bot.
Those distinctions aren't visible from the outside. They're learned venue by venue, by people who use these products and know what they are. So the work starts before the counting — and a large share of observed movement never survives it, because it was never retail activity in the first place.
We would rather be the source someone checks before deciding than the number someone quotes because it was the only one available.

