The thing is that nowadays deep pockets no longer enter the market through the regular channels, but purely focus on private (OTC) transactions where they aren't subject to incompetent exchanges and all their silly regulations. While most of the regular crypto traders don't bother to learn from past events, where they keep using current exchanges, professional and other large scale investors try to stay away from these exchanges as much as possible. The thing here is that OTC transactions and on-exchange transactions are completely different, and for that reason don't mirror each other in value and volumes. I think that it's safe to say that OTC volumes have surpassed the trading volumes of exchanges, but these exchanges still dictate the rates. It would be good to have it balance out somehow, but that's not something I see happen any time soon....