I came across an interesting discussion about recent Bitcoin price movements. The content shared by Arthur Hayes, co-founder of a certain derivatives exchange, on a podcast is particularly intriguing.

When Bitcoin dropped nearly 50%, there was widespread speculation in the market that institutional investors were manipulating the price. But Arthur Hayes's perspective is different. He points out that Bitcoin is inherently a highly volatile asset, and recent price swings are not unusual.

What Hayes emphasizes is that invoking manipulation theories is merely a psychological excuse for traders. It’s about people who believed they could make guaranteed profits and ended up losing, then blaming external factors for their losses.

In fact, I think this is a quite accurate observation. When the market doesn’t move as expected, humans unconsciously look for external reasons. As Hayes says, theories about market makers or specific institutions manipulating the market often don’t hold up logically.

When dealing with volatile assets like Bitcoin, it’s important to recognize these psychological biases. Especially when the market moves differently from expectations, staying calm and understanding the market mechanisms is crucial.