If this was true then you'd expect the exchange rate on Bitfinex to be much higher than other exchanges. If you can't get USD out of Bitfinex, you'd buy BTC an

If this was true then you'd expect the exchange rate on Bitfinex to be much higher than other exchanges. If you can't get USD out of Bitfinex, you'd buy BTC and withdraw, pushing the exchange rate up on Bitfinex. Then you'd sell the BTC on another exchange, pushing the exchange rate down there. We're not seeing that: https://imgur.com/a/2vxV7 https://imgur.com/a/2vxV7