What Is the Efficient Market Hypothesis (EMH) and Its Three Forms?

The EMH posits that asset prices reflect all available information. The Weak form suggests prices reflect past trading data, making technical analysis useless.

The Semi-Strong form states prices reflect all public information, negating fundamental analysis based on public data. The Strong form asserts prices reflect all information, public and private, making even insider trading ineffective.

Real-world markets, especially crypto, often exhibit inefficiencies.