Check out the daily trade in Tether (USDT) relative to its market cap:

Tether is the second most traded of all the cryptocurrencies! I mean, people who keep saying “But the market cap of Tether is so small – it would barely have an impact on the bitcoin price!” – y’all are confused. I refer back to this series of tweets:

Rolling Alpha posts opinions on finance, economics, and the corporate life in general. Follow me on Twitter @RollingAlpha, and on Facebook at www.facebook.com/rollingalpha.