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How do we know the size of the Bitcoin transactions? How do we know that the price action is not being driven by a couple (or otherwise small group) of investors that are just flipping small fractions of Bitcoin back and forth?

  • How deep is the gold market? How do we know gold price is not a pump and dump? Its all people's belief. – Kang Dec 14 '17 at 3:55
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Exchanges' order books are usually public. See for instance https://www.gdax.com/trade/BTC-USD. The graph in the middle is a helpful visualization of depth.

I'm not going to quote any specific numbers here because they would be instantly obsolete.

Of course, there are lots of exchanges, so to get the "big picture" you'd have to aggregate their data.

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  • Don't have enough points yet to upvote you. Since bitcoin transactions can occur in fractions of a bitcoin, I'm trying to get some confirmation that these markets are not being manipulated. – AlRacoon Dec 14 '17 at 1:19

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