[nl]

This seems an odd comment.

Algorithmic trading is an should be counted. It's volume!

Shorts and other derivatives isn't because it's a different instrument.

It's true there could (and probably is) wash trading going as well as other forms of laundering. But that's still genuine volume.

[moonchrome]

If I use 1 million dollars to make 1000 trades in and out of btc in a day that's a billion dollars of volume but maybe a couple of million in market depth could make that stable to enable those trades and a couple mill more could crash it.

[nl]

Sure. As I mentioned:

> It's true there could (and probably is) wash trading going as well as other forms of laundering.

There's little evidence of large volumes of wash trading specifically on BTC though, and it's pretty easy to trace.