My previous explanation for that was:
The Chinese are always looking for alternatives since they intend to decouple. It also makes sense in terms of asymmetrical warfare….
And mining crypto is an industry for them and they seized a good chunk of those.
Governments hold almost anything, they buy huge reserves of gold so that they can dump it in the market. Bitcoin is an alternative to their precious fiat, they might just dump huge amounts of Bitcoin, discredit it and « regulate » it.
There are many explanations.
The US government holds $3B, it’s not that much. They regularly auction bitcoins seized from criminals too. The little the auctioned from Ulbricht’s stash would be half that today around 1.5B if I remember correctly.
They also own a bunch of patents, they invest in everything, covering all angles including real estate
“New gold mine about to be found”> stock > nothing found > stock
“New regulation to be passed”> stock > not passed> stock
“Merger about to happen”> stock > backed off the deal> stock
I can still see how it might look like a classic pump and dump scheme by the oligarchs