$3bn 24h trading volume. Who trades so much Bitcoin??

There's something I'm trying to understand.

So coinmarketcap says there's 3$bn of bitcoin traded daily. Even if 90% of that is washed - that still leaves $300m that changes hands every day, and that's excluding OTC (which is probably even bigger).

My question is - who makes up all this volume? Like what kind of entities?

On the selling side I'm guessing it's miners + anyone who gets paid in cryptos they don't want. But on the buying side? Retail investors are completely inactive - and institutional money is not yet in. Market makers and liquidity providers I get - but they must be making the market FOR someone? Who is that someone? Is it some sort of day trader?

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Submitted October 21, 2018 at 09:42PM by xepo3abp https://ift.tt/2S6S2oX