As what I consider to be fake futures begin to be sold, the price of bitcoin begins to fall. For normal futures, the underlying asset you can occasionally insist taking delivery. There are, for instance, apocryphal stories taking a delivery of corn or soybeans. But, these contracts, while they track the Bitcoin price, can only be ended in dollars.
So, I immediately felt this may as well be a sophisticated USG weapon against Bitcoin.
I need to go looking, and see how influential has shorting Bitcoin been in this recent run down. It is highly doubtful this has anything to do with actual bitcoin, because most bitcoin holders don't sell. So it is very likely to be a sort of false supply- since the futures sellers don't actually have to deliver bitcoins, they can create a false supply- the endless billions of dollars that exist or can be made, up against the less than 21 million Bitcoins that anyone could actually get their hands on to make real contracts with.
To make a comparison, pretend this was gold, and on paper people were selling a billion tons worth of gold, but in reality there were only a few million tons worth of gold, and few people actually ever parted with their gold. So, it would look like gold was really cheap, but if you actually went out and tried to buy it, it would be hard to find because no one would want to sell the real thing to you at the fake lower price. This tends to make the dollar look good against gold, so I'm guessing it has happened before.
And I think this is happening to Bitcoin too, because it helps make the dollar look great again.