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Well-known on-chain analyst Willy Woo said that the Bitcoin (BTC) price is being held back by a political agenda.
Woo told his one million Twitter followers in a thread that with futures contracts, it is theoretically possible to sell an “unlimited” amount of Bitcoin even though the supply of BTC is capped at 21 million.
“It should open the door for the futures market to control the price of Bitcoin.
CME has launched a BTC casino where you can prepay USD to play. And Wall Street’s hedge funds love that. The question at the moment, what is the current BTC selling limit? The answer is “infinite, because Fiat has no limits.”
Woo said that with the way futures values are set at the moment, major players have the ability to hold back the price of Bitcoin by creating constant selling pressure.
“BTC doesn’t have to be g** But it needs to have enough Short orders in the bearish system. Without a large market cap, BTC cannot make a global impact. Currently, sec policy is to increase the liquidity and dominance of futures contracts by approving multiple ETF Futures (exchange-traded funds), while rejecting all spot ETFs. And for now, it’s a political game .”
The U.S. Securities and Exchange Commission (SEC) has approved multiple Bitcoin ETFs based on Futures while reducing bids for a spot product.
Industry proponents have long argued that FUTURES-based ETFs are more suitable for price manipulation than spot products.
SEC Commissioner Hester Peirce is a strong proponent of spot ETFs and has said that the regulator is holding Bitcoin to a different standard than tradable assets.
“It is time for the Commission to stop rejecting spot cryptocurrency exchange trading products. The Commission’s resistance to spot Bitcoin ETP has almost become legendary…
It is difficult to understand the reason for this resistance to a spot product other than recognizing that the Commission has determined that anything Bitcoin-related is subject to a more accurate standard than the one applicable to other products…
The reasons underlying the Commission’s rejection of the Spot Bitcoin ETP are general and conclusive. This makes it difficult to determine how to obtain approval.”
