[{"type":"paragraph","children":[{"text":"I think that it’s not just one player — it’s a mix of whales, developers, governments, and macro forces:"}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":"🐋 Whales still move volume, especially in illiquid markets — institutions like BlackRock and Strategy together control 6% of BTC’s supply."}]},{"type":"paragraph","children":[{"text":"🛠 Developers shape the protocol — upgrades like Taproot, Ordinals, and upcoming OP_CAT / covenants create new demand and narratives."}]},{"type":"paragraph","children":[{"text":"🏛 Governments & regulators can’t control Bitcoin, but they move sentiment — ETF approvals, wallet surveillance, and rate cuts all influence flows."}]},{"type":"paragraph","children":[{"text":"📊 Macro factors — liquidity, interest rates, and dollar strength — define the risk appetite."}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":"In 2025, Bitcoin’s price is less about one central force and more about constant negotiation between institutions, builders, traders, and regulators — all amplified by retail sentiment."}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":"It’s not manipulation. It’s a decentralized tug-of-war."}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":""},{"type":"topic","character":"Jucoin","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Bitcoin","children":[{"text":""}]},{"text":" "}]}]