At the heart of the study, the paper suggests that:

1. A U.S dollar-backed cryptocurrency is being created without having the U.S. dollars to back it.

2. The newly created U.S. dollar-backed cryptocurrency is being used to purchase Bitcoin when Bitcoin prices fall.

3. Creating more of the U.S. dollar-backed cryptocurrency (without the U.S. dollar backing) led to an inflated price for Bitcoin.

The study entailed a forensic accounting of crypto trading activity during 2017 and 2018 to discern patterns suggesting that one trader or entity was responsible for the Bitcoin surge towards $20K in 2017.