Bitwise is interested in defining the real markets for SEC. For that purpose they studied the exchanges and came to the conclusion that when the fake coinmarketcap data is removed, the real market is very solid and tight, and performs like a healthy market should.
In order to define the real market, Bitwise collected data from 81 exchanges for the study. They were able to isolate the real volume and real market exchanges from the fake volume markets. The real market price formation happens between 10 trusted exchanged and it's very tight between these exchanges.
They noticed the real markets don't follow Fake Volume exchange prices. Real markets act independently in that regard.
Blockchain Transparency Institute is further continuing the work of defining the exact real markets, but at the moment it can be said that the Bitwise trusted excahnges markets are real market of bitcoin, but probably not the full real market. However the price formation is very tight between these 10 trusted exchanges so they are for sure part of the total real bitcoin market and volume.
You can continue to scream bitcoin is a scam and has a fake price, but the fact is, you can go to the trusted exchanges and liquidate a hell of a lot bitcoins. Sure, if you sell 100 million dollars worth of bitcoins at once, the price will drop, but it's certainly possible.
But, if you sell like 10000 dollars worth of bitcoins right now, you can liquidate in 1 second and the effect to the market value is practically nothing.
You can of course still scream it's a scam and fake, but it's still real and works. UNLIKE ONECOIN
which can't be liquidated to any currency nor even transferred from user to user between wallets (ridiculous low amount in only the same mlm line transfer not counted).
What comes to your claim that only a few people trade or use bitcoin, it's complete bull. For example Coinbase exchange has over 25 million users
and it's ranked currently at #1472 in Alexa
traffic rankings. Any OneCoin/OneLife related site has never been anywhere near that high in traffic rankings, they are far far lower ranked.