I really appreciate you having a dialogue about this with me because no one ever wants to address this.

Let's imagine that I own 500,000 Bitcoin. I can provide so much sell pressure on the float that I can essentially move the price. Then, I can re-buy back in at a lower price and own even a greater concentration of Bitcoin send pump the price higher. Think of what I can do with leverage owning so much of the Bitcoin.

I create a narrative (halving cycle) and investors start expecting these gigantic washouts. In the meantime, each cycle, I am increasing my net Bitcoin. Perhaps, I split in different wallets, but not too many for risk purposes. Now, my control increases along with my wealth.

Add in futures contracts where you can hedge your positions (while maintaining control) and you can move the price any direction that you want with little risk. As far as exchanges and GBTC, you can see these wallets only hold about 5-6% of all Bitcoin. So we still have heavy concentration from a small amount of wallets.