Key Takeaways
- Samson Mow believes Bitcoin's price movement appears manipulated.
- Bitcoin has traded between $92,400 and $106,500 since December.
- FTX's creditor repayments may add selling pressure to the market.
Bitcoin has remained range-bound for over two months, fluctuating between $92,400 and $106,500 since Dec. 18, 2024, according to Cointelegraph Markets Pro data.
The only notable breakout occurred on Jan. 20, following U.S. President Donald Trump’s inauguration, when Bitcoin briefly hit an all-time high of $109,000 before pulling back.
Mow’s manipulation theory
During a panel at Consensus Hong Kong 2025, Mow argued that Bitcoin’s stagnant price movement could be intentional.
He stated:
It seems like it’s some sort of price suppression. If you look at the price movement, we peak, and then we stay steady and chop sideways. And it’s good, you can say it’s consolidation, but it just looks very manufactured.
Institutional inflows vs price stability
Despite large inflows from U.S. spot Bitcoin ETFs and institutional investors, Bitcoin’s price has remained stable.
Mow pointed out that major buyers, including retail investors, continue accumulating BTC, which suggests that substantial selling pressure must be countering these purchases.
FTX creditor impact
Additionally, the bankruptcy-related Bitcoin sales from 2023 have largely subsided.
However, the market is seeing new selling pressure from FTX, which has begun repaying creditors.
The firm is distributing over $1.2 billion based on Bitcoin’s November 2022 price of around $20,000, leading some analysts to speculate that recipients may cash out, adding further selling pressure.
