In an episode of the Bitcoin Fundamentals with Preston Pysh, PlanB, the first analyst to apply the stock-to-flow model to Bitcoin, says that institutions are deliberately pushing the price of Bitcoin down to accumulate cheap BTC. PlanB suggests that someone is influencing the market behind the scenes is the possible reason why the Bitcoin price actions in the last few months have been kind of crazy.
“The price action that we saw last month and especially this month, the down action, was always in the illiquid hours of the market. So it was deliberately destructive. It was not sold by someone who wanted the most dollars for his Bitcoin. It was sold at illiquid times in the market with far too big of a chunk to get a good price so it was destructive selling.”
In a tweet PlanB says that he is seeing clear patterns of destructive selling in the market by institutional players followed by continued buying of the asset to form quick recoveries.
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