PANews reported on February 20 that, according to Forbes, Pixelmatic founder Samson Mow warned at the Consensus Hong Kong cryptocurrency conference that Bitcoin prices may be "artificially" suppressed. Although retail buyers are buying Bitcoin on a regular basis, there seems to be selling pressure. "Although both institutional and retail buyers are increasing their holdings of Bitcoin, Bitcoin prices have not risen, so someone must be selling." Last year, due to bankruptcy and reorganization, there were structural sellers in the market, but that period has basically ended.

In addition, FTX's repayment process has also exacerbated selling pressure. The company's repayment is based on a Bitcoin price of about $20,000 in November 2022. As creditors try to cash in profits, this may lead to more selling, and FTX sells Bitcoin at a much lower price, which can explain the lack of upward momentum in Bitcoin prices.