China is buying all the bitcoins

One of the tools that I use to watch what’s happening in Bitcoinland is a site called fiatleak.com. It shows a graphical representation where in the world people are buying bitcoins, or actually what currency they are using to buy them. I let it run for a couple of hours tonight and it’s clear that China is the main buyer right now: out of the 27,000 BTC that were traded 24,000 were bought using Chinese Yuan!

Of course it’s daytime in China and a Sunday night in the US, but this is still a remarkable difference and it clearly shows which country is purchasing all the bitcoins. Now the question is whether it’s the government or local Chinese who are buying, I would not be surprised if it turns out to be both.

China is buying all the bitcoins

3 Responses to “China is buying all the bitcoins”

commenter

It seems to me that BTC China is trading at a bit higher than ‘western’ trading sites like Mt. Gox. Currently 639.75 EUR vs. 610.28 EUR, for example.

Marc van der Chijs | November 25th, 2013 at 2:40 pm
commenter

Correct Timen, BTC China always trades higher than the western sites. If you have a bank account in China and are willing to end up with RMB (or have a way to exchange them) you can do arbitrage and make money. Right now the difference is quite small, but last week BTC China quoted USD rates over $1100 (Mt. Gox peaked at $900).

commenter

Marc, true! and at least 20 of those btc were mine, coming from btc-e (highest spread)

a large part of btcchin is simply inter-exchange traffic. check out the bbs aswell

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