Not really, huobi and okcoin have mostly fake volumes. Biggest platform are bitstamp&bitfinex then btcchina. Not saying that huobi and okcoin has to be ignored (we are adding them very soon ) but their volumes has to be taken as half fake.
I avoid calling it "fake" volume, but I agree. The current (daily) leg of the capitulation is, in my opinion, mainly driven by Bitfinex - not really a surprise, given the huge built-up leveraged long positions that Blitz highlighted in his post ages ago. Despite their daily volume still being dwarfed by the Chinese exchanges.
So that's further evidence for those of us who believe that, while CNY volume might be "real", it is simply less relevant, per dollar, being largely automated, zero fee volume.
Interesting observation. Didn't see it, but I'll try if I can find that view by looking at it myself.
Let me change my point a bit: by volume alone, China, and China alone should matter (cue Jorge). Bitfinex played a crucial role today. Bitstamp does as well (the mini recovery right now is mainly driven by stamp and finex, to my eyes).
So the old method, look at the highest volume exchange, and ignore all others, doesn't work anymore. Agreed with that statement?
Anti-manipulator theorists want to maintain their own reality.. so stop interfering with that... You YOU YOu ... manipulator. 
