The so called Chinese influence is always overhyped. It is true that there are tens of millions of cryptocurrency users in China. But if you take the purchasing power of these users (per capita), it is much lower than that from neighboring countries such as Japan, South Korea, Taiwan and Hong Kong. Japan may be home to less number of cryptocurrency users when compared to China, but in terms of volume of crypto assets, I believe that Japan tops China. Also, many of the large scale Chinese users have moved their assets to off shore tax havens, to reduce the possibility of wealth confiscation.