ChainCatcher reports, according to Forbes, that Pixelmatic founder Samson Mow warned at the Consensus Hong Kong cryptocurrency conference that Bitcoin prices might be "artificially" suppressed. Despite retail investors systematically buying Bitcoin, selling pressure appears to persist. "Although both institutional and retail buyers are accumulating Bitcoin, its price hasn't risen, indicating someone is selling," says Mow. Structural sellers emerged during last year's bankruptcies and restructurings, but that period has mostly ended.

Furthermore, the repayment process of FTX added to the selling pressure as they used Bitcoin's approximate November 2022 value of $20,000 for reimbursements. Creditors' attempts to liquidate profits could lead to more sales, explaining Bitcoin's lack of upward momentum.