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they don't really have the amount of bitcoin that people hold there?

I think they would usually "break" when the price is rising because they are trying to stop it from going up too high. When coinbase goes down during a price pump, the energy level is reduced and the price may not pump as high.

More recently it has worked smoothly. Perhaps this is because most of the oligarchs have established their BTC positions and are now happy to let the price rise.

(This is all just speculation.)

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Discussion

zebra 1y ago

why the energy level is decreasing when coinbase goes down?

Llyr Noise 1y ago

I think he means buying energy and not electricity consumption.

Modus 1y ago

Yes. People are excited to buy in the moment. When they can't buy, their desire decreases and they may not come back later to try again.

zebra 1y ago

Oh, I get it. that's weird

Llyr Noise 1y ago

But this cycle this technique does not work as the demand is mostly not retail driven.