Bitcoin moves across borders relatively frictionlessly and speedily (10 mins to hours not days). This creates lots of seemingly bizarre global arbitrage opportunities ... the same 9k btc can be sold on a western exchange and back being bid up in china within an hour. Large cross-border fiat settlements take 3-5 business days at best.
Chinese BTC is getting sold on Western exchanges? Shouldn't we be seeing a bit more (as in 'corresponding') volume if that's the case?
.... guess you missed the friday night dump in your razor-sharp focus there? 29k in 3 mins, probably some room for chinese btc in that flood.
It's interesting to look at the relative volumes of that friday night dump (@5.00 CET). On the half hour chart, compare it with the average volume of the four half hours predecessing the dump.
Outside China:
- Bitstamp: dump volume was 5,200 BTC, before that 700 BTC (7.5x)
- Bitfinex: dump volume was 19,500 BTC, before that 3,500 BTC (5.5x)
- BTC-e: dump volume was 2,200 BTC, before that 500 BTC (4.5x)
- Kraken: dump volume was 1,500 BTC, before that 250 BTC (6x)
Inside China:
- BTCC: dump volume was 15,000 BTC, before that 6,000 BTC (2.5x)
- Huobi: dump volume was 85,000 BTC, before that 75,000 BTC (1.1x)
- OKCoin: dump volume was 10,000 BTC, before that 30,000 BTC (0.3x)
Clearly, the dump took place in outside China. Don't let the wash Chinese volume blind you.
Equally in and outside China if you do the math.
Of course the rise in dump volume will be lower in the chinese exchanges because they are bigger
Do elaborate how that math works, which explains OKCoin dumping with just 0.3x the earlier volume, while Bitstamp dumps with 7.5x the earlier volume.
total dumped by the chinese: 110k
total dumped by others: 28.4k
in fact the chinese still are leading the moves
Thanks for highlighting those numbers Andre#.
Even though you are providing a quick "back of the envelope" assessment, your point still stands and is important.
Sure China is a factor but their exchanges are not meaningfully driving price in the short-term and violent price swings. In this regard, the Chinese exchanges seemed to have lost a considerable amount of credibility over the year's because, possibly in part, they have been exposed as "BTC price manipulators" in the past.
in my humble bumble opinion, the Chinese exchanges should not be completely disregarded, but just taken with a grain of salt (just like some of the contents/suggestions of the posts in this thread need to be taken with a grain of salt - especially from posters who have previously shown that they have tendencies/inclinations to be less than genuine).
