YUUGE BTC Exchange Volume

[OROBTC]

...

Occasionally I run fiatleak.com when I want to see another angle on what's happening in the World of Bitcoinistan™.  As of 45 minutes of running, here are some results:

Yes, YUUGE movement of Bitcoin tonight.  Current price bouncing around $830 - $840.  

ounce.me

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I had fiatleak.com running this evening.  As of 45 minutes running, here are the BTC bought (via exchanges) around the world and by countries monitored:

Total worldwide: +/- 29170 BTC

bought w/ US$: 1079 BTC
bought w/ Chinese Yuan: 27080 BTC (92% !!)
bought w/ ZAR (S Afr): 5.4
bought w/ Brazilian Reais: 5.0
bought w/ ILS (Israeli Shekels): 0.5
bought w/ Euro: 0.3
bought w/ Russian Rubles: 0.1

The arithmetic works out to being over $700,000,000 per day (run rate as above), just from exchanges alone.

Note how China dominates...  I ran this in the daytime a couple of weeks ago, similar numbers, China always over 90%.  The two big exchanges there are okcoin and btcchina.

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[pooya87]

whenever price changes a lot, traders are rushing to exchanges to make trades and profit. also obviously when prices change lots of other people also rush to exchanges to buy or sell depending on which way price is changing (going up or down) and also what their plans were. that is why volumes go up crazy in times like this.

also if i am not mistaken fiatleak presents "trades" not only buys.

but also i should add that there is good news all around in Bitcoinistan which is leading to the rise and increased volume. Example

[ebliever]

also if i am not mistaken fiatleak presents "trades" not only buys.

Which explains the bogus inflated China numbers. Yes they are big in bitcoin. No, they are not that big.

[OROBTC]

also if i am not mistaken fiatleak presents "trades" not only buys.

Which explains the bogus inflated China numbers. Yes they are big in bitcoin. No, they are not that big.

I did notice LOTS of "twin" transactions, both in Chinese Yuan and US$ (a guess: probably roughly the same proportion).  "Trades", that makes sense, I had always wondered about so many twin transactions.  Good info!

 

So, even with "trades", it looks like CHINA still dominates big time.



EDIT: Some of those trades are very large though: I saw one for about BTC300 and another for about BTC160...

[ebliever]

No, China does not even dominate, is my best guess. They are probably still 3rd behind US and EU.

Chinese numbers have been a bad joke for a long time. Check out this chart of BTC markets from CoinMarketCap:

http://coinmarketcap.com/currencies/bitcoin/#markets

Notice all the China exchanges down at the bottom of the list? Notice how comically huge their trade volumes are? Notice how they are all grayed out as excluded from the BTC price calculations?

Good grief, the top 6 Chinese bitcoin exchanges claim to be transacting the entire market cap of bitcoin by themselves, EACH DAY. That's how ridiculous these figures are.

[Pursuer]

it is mainly the zero fee policy in their biggest exchange service which allows them to trade a lot more freely in the 5-6K range CNY which I say is a lot easier to trade on hundreds range with 0.15-0.25% trading fee.

and there is always the billion people population that you should consider. I mean out of that many people there are more bitcoin users than other countries combined.

and finally there is always fake volumes obviously!