One big whale is now affecting the BTC price. Professor John Griffin, who has been following price changes in BTC since 2017, has noticed this pattern.
Six years ago, John Griffin, a professor of economics at the McCombs School of Business at the University of Texas, stressed that the BTC price is manipulated through large-volume trades by one of the crypto whales. Currently, a similar situation is unfolding.
"This one large player or entity either exhibited clairvoyant market timing or exerted an extremely large price impact on bitcoin that is not observed in aggregate flows from other smaller traders," he wrote in a paper.
He is sure that something fishy is happening in the crypto market now. Earlier, at the end of 2022, Griffin said that BTC recovered every time it broke through the $16,000 level.
He believes that this is the price manipulation as it was in 2017. John Griffin and his colleague Amin Shams argue that one crypto whale affects BTC, causing sharp price moves despite the market trend.
In 2018, they published a report backing their theory with evidence. Currently, this big whale is doing the same thing.
By manipulating the price, this whale is able to set the low for bitcoin. This is quite possible given the high volatility of bitcoin.
On top of that, the periods of relative stability coincided with periods of extremely negative market sentiment, Griffin pinpoints. He considers it quite suspicious. At the same time, it is hard to prove this theory due to the BTC market cap and an enormous amount of data.
Curiously enough, other analysts consider the study conducted by John Griffin unreliable and lacking evidence. He failed to reveal the so-called gray cardinal of the crypto market although he clearly outlined the current patterns of manipulation of the BTC price.
