Theory: BTC Explanation for PA ... a thread.
Some big boys have colluded and are controlling the BTC market. This is too big for one entity.
Likely a combo of exchanges, miners, and hedge fund.
Upon recognition of a high vol time for risk assets, they have combined to dramatically control the BTC price.
Why? Because they've dumped options on BTC and longed options on traditionally correlated assets like equities and the .
They pin BTC and hedge out their long gamma on an equity market that's out of whack daily.
If you've got a better explanation, let me know.This post is based on this twitter thread.