Closely followed on-chain analyst Willy Woo claimed that the price of Bitcoin (BTC) was suppressed by a political game and that the rise in the price was prevented in this way.
Woo told his more than one million Twitter followers that it is theoretically possible to sell an “unlimited” number of Bitcoins through futures contracts, even if the supply of BTC is capped at 21 million:
The door is open for futures markets to control the BTC price. CME is in the lead role. They have launched a BTC casino where you can use US dollars to play with the price. Wall Street hedge funds loved it. What are the limits of selling BTC now? Unlimited. Because fiat money is unlimited.
Noting the way futures markets are set up, Woo stated that major players now only have the ability to suppress the price of Bitcoin by applying constant selling pressure to BTC:
BTC doesn’t need to be killed. There is a need for sufficient short positions in the system just to suppress the price. Without a large market cap, BTC cannot make a global impact. Currently, the SEC has increased its futures liquidity and dominance by approving multiple futures Bitcoin ETFs (exchange-traded funds), while rejecting all applications for spot Bitcoin ETFs as per the policies it advocates. This is now a political game.
SEC’s Bitcoin Game
The U.S. Securities and Exchange Commission (SEC) has turned down numerous applications for a spot-based Bitcoin ETF, while giving the green light to numerous futures-based Bitcoin ETFs. Industry advocates have long sought to clarify why the SEC approved these products, arguing that futures-based ETFs are more mature for price manipulation than spot products.
On the other hand, Hester Peirce, an SEC member, is a strong proponent of the spot-based Bitcoin ETF and thinks the US regulator is acting on a different standard from other tradable assets:
It’s time for the SEC to stop categorically rejecting products traded on the cryptocurrency exchange. The SEC’s resistance to the spot-based Bitcoin ETP (exchange-traded products) is now becoming legendary. It’s hard to understand why the SEC’s resistance to a spot product is subject to a more stringent standard than that applied to other products related to Bitcoin and possibly other digital assets. The reasoning behind the SEC’s rejection of spot Bitcoin ETPs is general and precise. This makes it difficult to know how to obtain an approval in the future.
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