The study looked at how information affects trading in Bitcoin markets on the Kraken platform. Traders can choose to wait and offer to buy or sell at a certain price, or they can immediately buy or sell at the current market price. The researchers found that the more informative trades are, the more liquid the market becomes. This means that when traders make trades based on new information, it helps keep the market running smoothly. The study supports the idea that Bitcoin markets work similarly to traditional stock markets when it comes to how information impacts trading.