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Bitcoin is up 2.6% today, but the move is overshadowed by growing suspicions of market manipulation by large players. Some crypto analysts compare the cryptocurrency’s performance to that of stocks, noting that while equities are performing well, Bitcoin is lagging. Is this simply market dynamics, or something more sinister?
Bitcoin Declines #
A recurring pattern of Bitcoin price drops coincides with the opening of the U.S. market, leading some crypto investors to point the finger at large institutional players. These financial heavyweights have so much influence that the price of Bitcoin consistently pulls back.
Historically, the fourth quarter following a halving is known to be a very strong period. However, after the market crash on October 10, 2025, no bull market followed. The persistent weakness in Bitcoin’s price is notable to some market observers. For instance, ‘AshCrypto’ suggests that neither good nor bad news has any impact on the crypto market; regardless of the signals, the market goes down.
When Strategy buys $1 billion worth of Bitcoin, the market dumps. When there’s good news from China, the market dumps. According to ‘AshCrypto’, this is an “insane level of Manipulation.” He shared his analysis on ‘X’:
Bad news = Market dumps Good news = Market dumps Saylor buys $1B BTC = Market dumps U.S. China Bullish news = Market dumps This is insane level of Manipulation. — Ash Crypto (@AshCrypto) December 8, 2025
‘No Normal Market Correction’ for Bitcoin #
In another post on ‘X’, Ash Crypto elaborated on this theory. He argued that the decline of Bitcoin from $126,000 to $80,000 was not a normal market correction. He pointed out that U.S. stocks rose by 8% during the same period, while Bitcoin remained 29% below its pre-crash level.
Every rally is met with selling, and forced liquidations of around $500 million are reported every other day, the crypto analyst wrote. Furthermore, he suggests that a few large institutions are playing the market, constantly squeezing both long (betting on a rise) and short positions. According to Bull Theory, there is ‘proof’ of this.
Notable Pattern of Morning Bitcoin Drops #
Bull Theory also sees a pattern of Bitcoin drops around 10:00 AM EST, right after the U.S. market opens. This has been happening since early November, which he believes points to a coordinated approach.
Jane Street is a major firm engaged in high-frequency trading, meaning it uses supercomputers to trade automatically on exchanges to capitalize on small price differences.
According to Bull Theory, Jane Street holds approximately $2.5 billion worth of BlackRock’s IBIT ETF, a Bitcoin ETF. Within an hour of the market opening, the price of Bitcoin drops sharply, only to slowly recover afterward. The market expert suggests that Jane Street is manipulating the price of Bitcoin and that it has nothing to do with market dynamics.
The trick, according to the crypto analyst, is simple: large companies sell Bitcoin at the open and buy it back at lower levels. They keep repeating this until their pockets are well-filled. There are no rules against this in crypto, unlike in the stock market. However, this remains a theory and not conclusive proof.