According to BitMEX Research, the primary issue affecting cryptocurrency trading is the respect and authority held by the first foundation, rather than the volume of holdings ('bags'). This authority can influence market sentiment and trading behaviors, potentially impacting price stability and liquidity levels in the market.

According to BitMEX Research, the primary issue in the cryptocurrency market is the respect and authority wielded by the first foundation, which has a greater impact than the volume of their holdings. This influence can affect market dynamics and trader decision-making, as the foundation's decisions might sway market sentiment and lead to volatility. (Source: BitMEX Research)