Ramazan Eles 
Recently, several theories have surfaced on X regarding why Bitcoin’s price has stagnated. But what exactly are these claims, and how credible are they?
It seems like every day brings a new speculation in the cryptocurrency community. The latest buzz centers around why Bitcoin (BTC) isn’t climbing in value, despite seemingly favorable conditions.
One of the most talked-about theories circulating on X suggests that crypto exchange Coinbase isn’t providing the actual Bitcoin that BlackRock, the world’s largest asset manager, wants to buy for its ETF. Instead, Coinbase is allegedly issuing an IOU (I Owe You), essentially giving BlackRock the rights to Bitcoin that will be delivered later. As a result, since no real Bitcoin is being purchased, there’s downward pressure on the price.
The logic behind this claim is that if BlackRock were to acquire Bitcoin through debt rather than buying large quantities outright, it would ease the demand pressure on the market. This, in turn, would prevent the price from rising as much as it would if significant amounts of Bitcoin were actually purchased and taken out of circulation. The rumor suggests that the absence of real Bitcoin transactions is artificially keeping prices lower, pointing to possible market manipulation.
However, these allegations have not been verified. Another potential reason for the suppressed BTC price could be the looming threat of a U.S. economic recession.
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