BlockTower Capital founder: Market makers mainly influence intraday volatility; the main reason for BTC’s pullback is early holders selling

According to Odaily, BlockTower Capital founder Ari Paul stated that market makers may indeed engage in short-term operations during weak market conditions, such as slightly moving MSFT or BTC by about 2% to trigger stop-losses. However, such actions are typically intraday games, with prices often reverting within seconds or minutes, and have limited impact on the long-term trends of highly liquid assets like bitcoin ETF.

He pointed out that the main reason for the current BTC decline is that early holders have sold tens of thousands of BTC, while market buying power has been insufficient to absorb the supply. Ari Paul believes that while large-scale long-term manipulation is not entirely impossible, it is relatively unlikely and carries high risks. In most cases, market movements that deviate from expectations should not be simply attributed to "manipulation"; investors should optimize their own analytical frameworks. At the same time, compared to "downward manipulation," "upward pushing" is more common across various asset classes.