New whales are buying while old ones who owned BTC at very cheap prices are selling.
The market has two individuals. Buyers and sellers. Some whales must sell in order for other whales to buy a lot.
Price is only a reflection of what is sold on exchanges.
So if whales want to drive price down temporarily, they can sell on exchanges and buy back behind the scenes through a broker (which doesn't impact price).
To understand real value, it is important to monitor total Bitcoin held.
The ability to manipulate prices will decrease as less and less Bitcoin is available (whales won't sell once they can't buy back).
The market has two individuals. Buyers and sellers. Some whales must sell in order for other whales to buy a lot.
Price is only a reflection of what is sold on exchanges.
So if whales want to drive price down temporarily, they can sell on exchanges and buy back behind the scenes through a broker (which doesn't impact price).
To understand real value, it is important to monitor total Bitcoin held.
The ability to manipulate prices will decrease as less and less Bitcoin is available (whales won't sell once they can't buy back).