Bitcoin’s price has been unusually stable over the past few months, trading within a narrow range despite massive institutional inflows and strong retail demand. This has sparked speculation about potential market manipulation.
Samson Mow, CEO of Jan3 and a well-known Bitcoin advocate, recently voiced his concerns at Consensus Hong Kong 2025, stating that Bitcoin’s price movement “looks very manufactured.” Could external forces be suppressing Bitcoin’s true market value?
This article explores Mow’s claims, possible reasons behind Bitcoin’s price stagnation, and what this means for investors moving forward.
Bitcoin’s Unusual Price Behavior: A Sign of Manipulation?
Since December 2024, Bitcoin has been trading between $92,400 and $106,500, showing an unusually tight range despite strong buying activity from institutional and retail investors.
Bitcoin briefly reached an all-time high of $109,000 following Donald Trump’s presidential inauguration on January 20, 2025, but quickly retreated back into its previous range. According to Mow, this pattern is unnatural:
“The very tight range in which you’re trading just doesn’t look natural at all.”
Traditionally, Bitcoin experiences high volatility, making this extended period of consolidation highly unusual. Mow suggests that external factors might be influencing Bitcoin’s price to keep it from breaking out.
Who Might Be Suppressing Bitcoin’s Price?
1. Large Sellers Countering Institutional Demand
One of the biggest concerns is that large market players are offloading Bitcoin at a rate that matches institutional demand. Consider the following:
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Bitcoin ETFs in the U.S. and companies like MicroStrategy have been accumulating BTC at a rapid pace.
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Retail investors continue to buy Bitcoin through dollar-cost averaging strategies.
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Mining rewards are fixed, meaning supply is not increasing significantly.
Despite this accumulation, Bitcoin’s price remains stagnant. Mow argues that someone must be selling aggressively to absorb this demand and keep prices from rising.
2. The Impact of FTX Repayments
A major development in recent weeks is the repayment of FTX creditors, with over $1.2 billion being distributed based on Bitcoin’s November 2022 price (~$20,000).
Many recipients of these repayments may be selling their Bitcoin to realize profits, creating selling pressure that offsets institutional buying. Mow believes this is contributing to Bitcoin’s lack of movement:
“FTX is selling Bitcoin from the mid-20K range, so clearly, somebody is selling to match this. Otherwise, the price would already be moving upwards again.”
This selling activity could explain why Bitcoin is struggling to break out despite bullish sentiment in the market.
3. Market Makers Controlling Price Action
Another possible factor is market makers or whales intentionally suppressing Bitcoin’s price for strategic reasons. By keeping the price in a narrow range, they can:
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Accumulate Bitcoin at lower prices before an eventual breakout.
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Control volatility, making it easier to manipulate futures and derivatives markets.
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Delay a bull run until it is most profitable for institutional players.
If this is the case, Bitcoin could be in a phase of artificial suppression before a major price surge.
What’s Next for Bitcoin?
Despite the current stagnation, analysts remain bullish on Bitcoin’s future. Many experts predict that Bitcoin could reach $160,000–$180,000 in 2025, driven by the following factors:
1. Institutional Demand Will Eventually Overpower Sellers
As ETFs and corporations continue buying Bitcoin, there will come a point when supply dries up, leading to a rapid price increase.
2. The Upcoming Bitcoin Halving (April 2024)
Bitcoin halvings historically trigger massive bull runs by reducing mining rewards, effectively cutting new supply in half. If historical trends repeat, Bitcoin could see a parabolic price increase within the next 12-18 months.
3. Regulatory Clarity Could Boost Adoption
As governments and financial institutions establish clearer regulations, Bitcoin may see increased adoption from traditional investors and businesses. This could drive long-term price appreciation.
Conclusion
While there is no definitive proof of market manipulation, Samson Mow’s insights highlight Bitcoin’s unusual price action in recent months. Whether due to FTX repayments, hidden sellers, or market makers controlling price action, Bitcoin is not behaving as expected given its strong demand.
However, history suggests that periods of price suppression don’t last forever. If Bitcoin’s price is indeed being artificially contained, an eventual breakout could be explosive once the selling pressure subsides.
For investors, this means staying patient and being prepared for a potential major rally in the near future.
FAQs
What is price suppression in Bitcoin?
Price suppression refers to deliberate efforts by large market players to keep Bitcoin’s price from rising, often through coordinated selling or derivatives trading.
Why does Samson Mow believe Bitcoin’s price is being manipulated?
Mow argues that Bitcoin’s unusually stable price range despite massive institutional buying suggests artificial price suppression rather than natural market behavior.
How do FTX repayments affect Bitcoin’s price?
FTX is repaying creditors at Bitcoin’s 2022 price (~$20,000), leading some recipients to sell their BTC for profits, adding selling pressure to the market.
Could Bitcoin’s price increase soon?
Analysts predict that Bitcoin could reach $160,000–$180,000 in 2025, especially with institutional accumulation, the Bitcoin halving, and reduced selling pressure.
What should investors do?
Long-term investors may choose to hold Bitcoin through any short-term price suppression, as market fundamentals suggest strong future growth potential.