I'm in that camp myself. The timings are extremely close. Chinese whales playing on there just had to sit back and let the same thing happen over and over - let the white devils get confident, and then shit on them again as for some reason Western exchanges were scared of them because of their 'volume'. Repeat for eternity.
The Chinese casinos fucking off is one of the single healthiest things to occur. They were a cancer sucking the life out of everything.
They're saying it's 1-1 backed so no paper, but everyone starts off like that...
Yeah, it became almost comical at some point how much the Chinese exchanges dictated the market. As an intraday trader, I nearly stopped charting Stamp and Bitfinex entirely during those times. They only ever followed.
That changed a lot when the big 3 Chinese exchanges shut down withdrawals last year. Since then, Bitfinex and GDAX lead the market more than anyone else. So yup, them getting shut down was definitely a good thing for the market.
Yup. I see the seeds of a new era of manipulation being sowed here. And it could be more effective than many BTC megabulls think.