When Bitcoin pumps like it has, what do people think is causing the price to move so aggressively?
You do realize that retail doesn't have the liquidity to move the market in such a fashion, right?
Discussion
Bitcoin has always moved like this, even more violently in the past when it was only retail in the market.
The float is small and that’s where bid/ask determines spot price.
Regardless of who is buying this is part of the adoption process. If Bitcoin is to remain operational then this is inevitable and only the beginning of concentrated capital getting involved.
Not a sudden wave of orange-pilled normies, for sure 😃. Orange-pilled billionaire entities - yes. Well, some trully orange-pilled, some just speculating (a.k.a. investing). But for simplicity sake, let's call the new speculative funds coming into bitcoin as orange-pilled, too.
The thing with this billionaires' money is that it is not the billionaire himself taping on a Binance app in an iPhone. It is an outcome of a number of meetings and approvals and finally a contract with wallstreet consultants to do the purchase. And those consultants do purchases in batches, and even across different firms use similar algorithms for buy decision making. So on behalf of their customers these wallstreet wolfs are the ones manipulating the price and creating all these spikes and drops.
So the end result is that volatility is a result of these collectivist intentional manipulations. But the overall trend not even they can change.
I think.