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The fact that everybody knows about bitcoin now yet the volume remains pathetically low is a bad sign... Indicates both that the capitulation is yet to come and we may not recover from this one.
There is volume. One simply has to know where to look for it.
http://btckan.com/price40k volume in USD, 40k in CNY.
However, you should notice the Chinese exchanges with volume have... drum roll please... NO FEES.
Open your eyes; its fake volume.
2. Fees
The process of buying and selling Bitcoins incurs transaction fees, just like the fees you pay when trading other assets. BTC China charges a flat % fee in trading commission, and has recently eliminated deposit fees, to provide an even better value for our users.
Bold my emphasis. Just a sample as this one has an English page.
https://btcchina.com/page/aboutus#whatweoffer. Just because they have eliminated transaction fees (交易费) on deposits does not mean they have no fees.
I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes.