Well, the study shows that there are legit exchanges, so there is some place for the usual market forces to apply (and indeed, the price of Bitcoin on these exchanges lies in a tight band, too small for arbitrage opportunities). That doesn’t mean the price of Bitcoin can’t be manipulated by pump & dump or other price manipulation schemes.
But still, the study (at least the highlights given in the twitter thread) looks solid and well-presented.
But still, the study (at least the highlights given in the twitter thread) looks solid and well-presented.