I think there is 49 percent merit in this theory

And I am a conspiracy theorist so I am actually being cautious

Bell_curve

There is no doubt that paper bitcoin can move markets, there is no doubt that it can even create directional flows...(eg. kick off a selling or buying cycle), but it ultimately can't sustain such a massive move.

Unlike pure paper products, ultimately coins will move onchain...so even if paper bitcoin starts moving price, fairly soon real onchain constraints are going to happen somewhere which will buck the trend.

Anyway, there are many many many macro events that happened simultaneously: Interest rates, iran war, venezuela, new fed chair, 

 end of JPY carry trade, those more than enough account for 50% move.

bitcoin

charts_and_maps

THIS IS WHY BITCOIN DUMPED NON STOP FROM $126,000 TO $60,000.

nine

I don't really buy the thesis. 

There is no doubt that paper bitcoin can move markets, there is no doubt that it can even create directional flows...(eg. kick off a selling or buying cycle), but it ultimately can't sustain such a massive move. 

Unlike pure paper products, ultimately coins will move onchain...so even if paper bitcoin starts moving price, fairly soon real onchain constraints are going to happen somewhere which will buck the trend. 

Anyway, there are many many many macro events that happened simultaneously: Interest rates, iran war, venezuela, new fed chair, *AND* end of JPY carry trade, those more than enough account for 50% move.