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 I've always assumed the sellers are close to the money printer. On an exchange that means they have access to enough collateral to short bitcoin almost without limit. Then buy it back (to repay the bitcoin loan) slowly while traders are still panic selling (because the initial shorts were so sudden).

Sound sensible? 
 Yes.

Then there is also the legacy brokers trading Bitcoin for the sole purpose of making more $. They're make money on the long and on the short side. Their actions are dictated by the algos and most of their trading is automated. Hence if there is a larger liquidation their bots will act and automatically act by opening long or short positions.

Also, if we want to talk about price suppression while questioning if ETFs are backed 1:1, they don't need to issue paper BTC to tamper with the market. The only thing those firms need is their brokerage buddies to keep on putting sell pressure on the retail order book. With billions of dollars in play supressing the books is an easy talk unless all of us enter a buy freenzie similar to what we've previously seen with GameStop's GME. In other words we're not buying enough right now to outweigh the artificial sell pressure. 
 track algo traders 4 value taken & who/where deployed?  i lack such skills atm/ just sum thoughts  t-y 
 track algo traders 4 value taken & who/where deployed?  i lack such skills atm/ just sum thoughts  t-y nostr.fmt.wiz.biz