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Exactly. Someone else commented that 100m in USD is way different than 100 worth of crypto... But that's just not true anymore. 100 million in a highly liquid m

Exactly. Someone else commented that 100m in USD is way different than 100 worth of crypto... But that's just not true anymore. 100 million in a highly liquid market where you can see 100 million dropped on a single exchange in a single minute candlestick on bitcoin alone, then it really isn't that much of a difference.

arcticbull 5y ago
100M USDT yeah, USD who knows? It's 85% of trading volume. Check out the plot on Coinlib. [1] Today's USD trading volume was $193M while USDT was $5.2B. USD trading volume is a rounding error against USDT volume. 100M USD is more than 1/2 of the entire day's trading volume of BTC against real dollars. My understanding is the CFTC doesn't take Tethers. [1] https://coinlib.io/coin/BTC/Bitcoin https://coinlib.io/coin/BTC/Bitcoin
- latchkey 5y ago
  Doing any of these comparisons is futile now that there is multiple versions of tokenized BTC (tbtc, ren, sbtc, hbtc... i could go on), BTC analogies (digg/queen are examples), as well as a ton of various stablecoins. Never mind OTC and DEX trades that never even hit the order books. There is a lot more volume than you probably know about it.
  - arcticbull 5y ago
    I dont think any of those are traded against USD at all are they? If so, do you know where?
    - latchkey 5y ago
      It doesn't matter. It is very easy to go from any form of BTC cross any major blockchain -> Any stablecoin -> any fiat exchange on the planet. Yes, I know of places outside of the US that'll more than happily OTC large volumes (millions) in crypto for USD. > 100M USD is more than 1/2 of the entire day's trading volume of BTC against real dollars. This statement is false and what I'm reacting to. There is literally no way to measure it. For example, I could take USD, sell it for Mexican Peso's and buy BTC because there is a arb opportunity where I get more peso's for my USD and BTC happens to be less expensive on this Mexican exchange that I'm dealing with. In that case, you don't see the USD volume at all.
      - arcticbull 5y ago
        I know, but I don't believe that is relevant here, as my point relates to the sum total of all USD coming in to purchase BTC or equivalents. In your model, the math is even worse as there isn't any direct USD to equivalents trading I'm missing, but a lot more indirect trades. The point I was making is that the vast majority of the liquidity is synthetic, not real USD trading. Both the regulators imposing fines and the electric companies only accept bona fide fiat. I think there's a big shortage of real liquidity. > This statement is false and what I'm reacting to. There is literally no way to measure it. For example, I could take USD, sell it for Mexican Peso's and buy BTC because there is a arb opportunity where I get more peso's for my USD and BTC happens to be less expensive on this Mexican exchange that I'm dealing with. In that case, you don't see the USD volume at all. There is, because there's only USD:BTC, equivalents make it look worse. Re: MXN that's MXN volume. USD:MXN and MXN:BTC. Not the point I'm making. And I do believe Coinlib captures all major foreign currency trading pairs, the JPY and EUR are both included. If you have other data I'm happy to look it over but from where I'm sitting... I'm not claiming its 60% of all fiat liquidity just all USD.
qeternity 5y ago
You can see $100m volume in a single timeframe. That’s different than dropping $100m. There isn’t $100m of net selling in those candles (at least the ones that don’t rip through thousands of dollars in testing liquidity)

arcticbull 5y ago

100M USDT yeah, USD who knows? It's 85% of trading volume. Check out the plot on Coinlib. [1] Today's USD trading volume was $193M while USDT was $5.2B. USD trading volume is a rounding error against USDT volume. 100M USD is more than 1/2 of the entire day's trading volume of BTC against real dollars. My understanding is the CFTC doesn't take Tethers. [1] https://coinlib.io/coin/BTC/Bitcoin https://coinlib.io/coin/BTC/Bitcoin

latchkey 5y ago
Doing any of these comparisons is futile now that there is multiple versions of tokenized BTC (tbtc, ren, sbtc, hbtc... i could go on), BTC analogies (digg/queen are examples), as well as a ton of various stablecoins. Never mind OTC and DEX trades that never even hit the order books. There is a lot more volume than you probably know about it.
- arcticbull 5y ago
  I dont think any of those are traded against USD at all are they? If so, do you know where?
  - latchkey 5y ago
    It doesn't matter. It is very easy to go from any form of BTC cross any major blockchain -> Any stablecoin -> any fiat exchange on the planet. Yes, I know of places outside of the US that'll more than happily OTC large volumes (millions) in crypto for USD. > 100M USD is more than 1/2 of the entire day's trading volume of BTC against real dollars. This statement is false and what I'm reacting to. There is literally no way to measure it. For example, I could take USD, sell it for Mexican Peso's and buy BTC because there is a arb opportunity where I get more peso's for my USD and BTC happens to be less expensive on this Mexican exchange that I'm dealing with. In that case, you don't see the USD volume at all.
    - arcticbull 5y ago
      I know, but I don't believe that is relevant here, as my point relates to the sum total of all USD coming in to purchase BTC or equivalents. In your model, the math is even worse as there isn't any direct USD to equivalents trading I'm missing, but a lot more indirect trades. The point I was making is that the vast majority of the liquidity is synthetic, not real USD trading. Both the regulators imposing fines and the electric companies only accept bona fide fiat. I think there's a big shortage of real liquidity. > This statement is false and what I'm reacting to. There is literally no way to measure it. For example, I could take USD, sell it for Mexican Peso's and buy BTC because there is a arb opportunity where I get more peso's for my USD and BTC happens to be less expensive on this Mexican exchange that I'm dealing with. In that case, you don't see the USD volume at all. There is, because there's only USD:BTC, equivalents make it look worse. Re: MXN that's MXN volume. USD:MXN and MXN:BTC. Not the point I'm making. And I do believe Coinlib captures all major foreign currency trading pairs, the JPY and EUR are both included. If you have other data I'm happy to look it over but from where I'm sitting... I'm not claiming its 60% of all fiat liquidity just all USD.

qeternity 5y ago

You can see $100m volume in a single timeframe. That’s different than dropping $100m. There isn’t $100m of net selling in those candles (at least the ones that don’t rip through thousands of dollars in testing liquidity)