The volume in Bitstamp is absolutely anemic. I remember it took a week for me to purchase my initial lot of coins in 2011. It would now similarly take a week to acquire a corresponding position. Either there is nobody in the world in the process of doing it (!) or they are using other methods. Granted, buying a large number of bitcoins takes more cash now than in 2011, and therefore the buyers may be different class of people mainly...
I read somewhere the plausible rumor that whale buyers, e.g. Second Market, solicit from BitPay and Coinbase, because many bitcoin accepting merchants trade bitcoin for fiat as they receive it.