Bitcoin has been stuck in a tight trading range for over two months, despite billions of dollars in institutional inflows. Since Dec. 18, Bitcoin has bounced between $92,400 and $106,500, only briefly breaking out after U.S. President Donald Trump’s inauguration on Jan. 20, when it hit an all-time high of $109,000 before quickly retreating.
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Samson Mow, CEO of Jan3, isn’t buying this as natural market behavior. Speaking at Consensus Hong Kong 2025, he argued Bitcoin’s price movement “looks very manufactured” and suggested some form of price suppression could be at play. “If you look at the price movement, we peak, and then we stay steady and chop sideways,” said Mow. “And it’s good, you can say it’s consolidation, but it just looks very manufactured.”
Bitcoin Stagnates despite Heavy Institutional Accumulation
Major institutional players, including Michael Saylor’s MicroStrategy, have been buying Bitcoin at a pace exceeding the rate of new BTC mined every day, Mow noted. Given this, why isn’t Bitcoin’s price rising?
Mow believes the answer is clear: somebody must be selling to counteract this demand. “If Bitcoin’s price isn’t moving despite institutions and retail buyers accumulating BTC, then someone must be selling,” he explained. While structural sellers—bankrupt entities offloading their holdings—were a major factor last year, that chapter should now be closed. This has added further mystery to Bitcoin’s current stagnation.
FTX Repayments Add to Selling Pressure
Another factor weighing on Bitcoin’s price is the FTX bankruptcy repayments, which began distributing over $1.2 billion to creditors this week. The catch? The payouts are based on Bitcoin’s November 2022 price, when it was trading near $20,000.
According to Mow, this means recipients may rush to cash out, adding even more selling pressure. “FTX is starting to pay out their dollars from selling Bitcoin, ill-advisedly, in the mid-20K range,” he said. “So clearly, somebody is selling to match this. Otherwise, the price would already be moving upwards again.”
Bitcoin’s 2025 Trajectory Is Still Bullish
Despite these headwinds, market watchers remain optimistic. Predictions for Bitcoin’s 2025 price target range from $160,000 to over $180,000, driven by increasing institutional adoption and a tightening supply. However, Mow’s warning of price suppression adds a layer of caution, suggesting that the next major move could be dictated by who holds the real influence behind the scenes.
At the time of writing, Bitcoin is sitting at $97,732.81.
