Yes, everyone knoves that it's a bubble. What I am saying is that it's totally artificial. I realised it looking at coinmarketcap charts.
Almost all of the trading volume goes trought Poloniex and Kraken. On poloniex there's almost ONLY eth/btc volume, no eth/usd volume at all.
That is what confuses me all the time.Their cold wallet storage and their exchange volume are obviously saying something.
For me it means than NO FIAT MONEY is flowing in ethereum market cap, it's only that a few btc whales are shorting bitcoin to make money on ethereum pump and then to buy more btc with the profit.
AAAnd, one more time noobs will be fooled.
There is a high chance that they are using the 25k btc which they acquired by selling the Ethereum in the past.However no body knows how many old miners are involved in it. IMO both the exchanges are legit and make the money if you can.