How do large owners of an asset, whales as you call them, pump the price of that asset? And what evidence do you have of this? The evidence I’ve seen points a traditional ponzi actor, who corrupted regulators and governments, publishing fake inflated prices to generate a bull market and attract more deposits to steal. Where are the Bitcoin whales you mention?
As usual this is nonsense and irrelevant. Satoshi himself had over 1M coins but the vast majority of early coins are lost. According to that analysis many old lost wallets are these supposed whales.
The observation that is also unjustified is this idea that whales can prop up the price, how does that work exactly? if they hold the asset then selling it would lower the price, so hold on did they sell earlier and are using USD to buy now, but that would generate tax liabilities they would have to pay now and also lose transaction fees, yet supposedly they are propping up Bitcoin price. It’s a nonsensical theory.
You're trying to simplify the study, but it isn't that simple - they use pretty complex analysis to present their findings, so replying to what you said here is a little off subject.
> The observation that is also unjustified is this idea that whales can prop up the price, how does that work exactly?
I’ve read portions and skimmed all of the paper. Then using PDF version I used keyword searching to make sure I’m not crazy, I can’t find any portion of the complex analysis that handles Satoshi’s coins, or lost coins at all.
This paper is now one of many examples where intelligent and sophisticated authors produce complex analysis but omit very basic and obvious factors, likely because they negate their conclusions.
If the BTC price is set artificially, it means it is not a rational price, IMO, for a security/investment/currency/market. Rational as in "people will be people" and "can be explained" aye.
Whenever bad news happens in crypto land they pump the price to restore confidence so there isn't a bank run and the money laundering can continue.