Is the Bitcoin market really uncontrollable by anyone? This question may not be as simple as it seems.

Although Bitcoin is known as a decentralized digital currency, in reality, exchanges play a crucial role in it. Many people may think that exchanges operate solely based on transaction fees and project fees, but the truth may be far more complex.

The sources of revenue for exchanges may be far more than this. If you think carefully, you will find that the profit model of exchanges may be much more diversified than we imagine. Additionally, with the participation of some large investors and institutions, they are fully capable of influencing the price trends of Bitcoin in the short term.

However, it is worth noting that this influence is mainly limited to the short term. In the long run, the price trend of Bitcoin is still affected by broader market factors. For example, pushing the price of Bitcoin down to extreme levels like $50,000 would not only require a huge cost but also provide competitors with a large number of low-cost chips, which obviously is not in the interest of any party.

Therefore, while exchanges and large investors may have some impact on Bitcoin prices in the short term, the overall trend of the market in the long run still depends on the interplay of more complex factors. This short-term influence may be more pronounced before the end of the bull market cycle, but as the market enters a new phase, this influence will correspondingly weaken.

Overall, the operation mechanism of the Bitcoin market is much more complex than it appears on the surface. As investors, we need to have a more comprehensive understanding of the market, rather than simply believing that the Bitcoin market is completely unaffected by any forces.