Translated from CryptoFácil

Cryptocurrency analyst Daan de Rover, also known as Crypto Rover, alleges that asset manager BlackRock (NYSE:) is intentionally pushing Bitcoin's price down.

According to Rover, this strategy aims to secure a more favorable buying position in case the company receives approval to launch its Bitcoin spot ETF.

Rover bases his theory on the argument that if BlackRock were to receive approval for a Bitcoin spot ETF, they would need to have real Bitcoin to back the fund. In this scenario, he presents two perspectives.

"First, they may have already acquired Bitcoin months ago when prices were lower. The second possibility is that BlackRock is deliberately lowering prices to establish a more advantageous buying position for themselves," he said.

Rover leans towards the second option, arguing that if BlackRock had already purchased Bitcoin previously, they would be interested in keeping prices high. After all, an increase in prices, possibly driven by the approval of a Bitcoin ETF, would yield them more value compared to the original purchase price.

Crypto Rover, the analyst, is known for his work in helping investors understand the cryptocurrency market, providing free educational content that ranges from basic investment concepts to advanced technical analysis.

According to Bitcoin-focused writer Mark Helfman, institutional investors rarely buy BTC directly to avoid exposure to legal and regulatory risks. Instead, they use custody solutions to conceal their activities.

Helfman mentions "large buyers and sellers" who "find a broker for a private sale and settle the transaction in batches." These transactions take place outside of exchanges at an agreed-upon price, different from the spot price indicated on the exchange.

"As Bitcoin is pseudonymous and you can create new wallets endlessly, coupled with brokers not being required to report private trades, it's challenging to know who is moving money where unless you use forensic technology or have an insider who knows about the deal."

As a result, purchases and sales often occur without affecting the price of Bitcoin, meaning they can go unnoticed on a chart, as they only buy the amount necessary not to disrupt the price.