FTX's Limited Bitcoin Reserves Had Minor Impact on Prices Despite Alleged Manipulation

SBF and Ellison allegedly conspired to sell Bitcoin if price stayed above $20k, but impact was likely limited.

FTX's Bitcoin reserves totaled under 47k BTC, small compared to other major exchanges.

Even 25% of FTX's Bitcoin is minor compared to daily trading volumes across exchanges.

Other large Bitcoin buys/sells (e.g. MicroStrategy) caused short-term price impacts but not long-term.

FTX's limited reserves meant they likely only suppressed price below $20k for days, not weeks/months.