Bitcoin whales manipulate the futures market. The liquidity is (or was, maybe) small enough that individual players can move the spot market in the direction th

Bitcoin whales manipulate the futures market. The liquidity is (or was, maybe) small enough that individual players can move the spot market in the direction they want in order to profit from a futures play. It doesn't take that much (relative to traditional markets)--a year or two ago someone on Bitstamp sold 5000 coins, which was enough to cause a 30% dip/flash crash. Thanks to leverage (some exchanges offer up to 125x), whatever money is lost on the spot market side is made up for in spades.