Bitcoin's recent market trend seems to be controlled by programmed oscillations, with the real market activity driven by coins like ZEC and BCH. I have to say, the big players do have some skills—directly smashing the market to push prices up, with most transactions being contract battles. Spot trading has long been locked in the hands of the big players. Repeatedly harvesting retail investors has become the norm, and institutions are quietly retreating as well. Few people are still bottom-fishing BTC.

The problem is, the big players are now caught in a vicious cycle: if they sell, the market crashes immediately; if they hold on, no one is willing to take over. The entire market is waiting for them to make a move, hoping to eat up those selling chips. How big is this bubble? Big enough that even the big players can't escape it themselves.