The Wolf Of All Streets — "Who's REALLY Moving Bitcoin? The Secret World of Crypto Manipulation EXPOSED!"

Host: Scott Melker
Guests: Gaurav Dubi (Market Maker), Christopher Inks (Market Analyst)
Date: August 27, 2025

Episode Overview

This episode tackles one of crypto’s most enduring controversies: Who really moves the price of Bitcoin — is it whales, market makers, exchanges, or institutional players? Host Scott Melker and his guest, renowned market maker Gaurav Dubi, dive deep into the mechanics of market making, the myths of market manipulation, and the real actors shaping crypto prices. They debunk conspiracy theories, clarify common misconceptions, and offer insights into how projects can choose ethical partners in a rapidly evolving landscape. Analyst Christopher Inks joins later to provide a technical outlook on Bitcoin and major altcoins.

Key Discussion Points & Insights

1. Market Makers vs. Whales: Definitions and Misconceptions

• Scott Melker opens by challenging the popular belief that market makers are synonymous with whales and market manipulators ([02:26]).
• Gaurav Dubi explains:
  • Market makers and whales are fundamentally different. Market makers provide liquidity and balance order books, while whales are large holders who can affect price simply by virtue of scale.
  • “People tend to do that. We want to have this unknown force guiding the evil. And evil is always a perspective of that person.” — Gaurav ([03:49])
• Debunking Conspiracies: No Illuminati or shadowy cabal controls markets; conferences like Davos or the Wyoming Blockchain Symposium are not stages for global conspiracies, but for discussion and exploration ([03:49–06:42]).

2. Who Really Moves the Market?

• Gaurav provides concrete examples of large sell-offs (e.g., a 24,000 BTC sale, an even larger 110,000 BTC sale) and explains how these are often individual holders with years of accumulation, not organized manipulators. “Somebody who had enough bitcoins and saw enough liquidity in the market, decided to sell.” ([06:45])
• The presence of massive, ready buyers (public companies, funds, nations) makes sustained downward manipulation nearly impossible: “Eventually, the manipulator ends up being manipulated” ([08:57]).

3. Actual Market Manipulation: When and Where

• Scott asks about notorious cases (Binance, Wintermute, meme coins) ([09:47–10:37]).
• Gaurav highlights:
  • Genuine cases, like FTX and Alameda, where manipulation was possible due to unique access to user data and capital.
  • Even then, no one manipulated Bitcoin or Ethereum prices at scale.
  • “Financial markets are… macro aggregation of retail of tons of parties and nobody knows where would the weight lie amongst the consensus.” ([13:13])
  • In small/mid-cap tokens, manipulation is much easier due to limited liquidity and supply concentration ([14:06–16:00]).

4. Ethics and Transparency in Market Making

• Many claim the title of "market maker" with very little experience or infrastructure, leading to unethical practices and project exploitation ([14:06–17:10]).
• Gaurav shares: Even with top-tier security, exploiters can impact even professional operations. "It takes millions of dollars to build that security, but it only takes a hammer of $10 to break." ([16:38])

5. Wintermute, Binance, and ‘Listing Deals’ Unpacked

• Community concern: Are Binance and Wintermute colluding to manipulate markets?
• Gaurav's clarification: In many cases, exchanges or market makers simply sell tokens they own as part of legitimate business, or as part of listing deals where projects give up supply in exchange for a spot on the exchange ([20:52–22:09]).
  • “They actually own the token they are selling. So, you know, you really can't question them.” ([20:52])
• Market maker supply needs: Not all need huge reserves; some demand more than needed to leverage position, but ethical market makers require little if the order book is liquid ([22:50–23:53]).

6. Best Practices for Projects Selecting Market Makers

• Transparency is key: Gaurav details how his firm provides full transparency to clients, though some projects and competitors fake numbers to appear more robust ([24:28–26:25]).
• Test and verify: “Keep testing” — vigilance is necessary even with good dashboards, as back-office numbers can be fraudulent ([25:23]).
• Regulation matters: Avoid unregulated exchanges—regulatory jurisdiction is crucial ("Where are they regulated? Is a bigger question." — Gaurav, [29:03]).

7. Strategic Advice for Token Projects

• Don't fall for the "get listed everywhere" hype.
• Focus on reputable, well-regulated exchanges (Coinbase, Kraken, OKX, Bybit), not those with dubious legal status ([27:47–30:38]).
• “If you are giving away your supply ... you have to understand it is your exposure to risk.” ([29:03])
• Cautionary tale: Even large players like Binance have made timing decisions (e.g., selling FTX tokens) with big downstream effects ([29:03]).

Notable Quotes & Memorable Moments

• On conspiracies:
  "We want to have this unknown force guiding the evil. And evil is always a perspective of that person."
  — Gaurav Dubi ([03:49])

• On manipulation in major tokens:
  "As long as we have seen the markets in the last few months … with all these people ready to buy in? By the time you’re trying to manipulate and bring the price down, these guys would just like come and ape in to all the supply."
  — Gaurav Dubi ([08:57])

• On FTX/Alameda real manipulation:
  “Now that is real manipulation done by somebody in particular case of an first of all orchestrated crime.”
  — Gaurav Dubi ([11:02])

• On choosing exchanges:
  "Unless you are going for a super regulated exchange, I can definitely name them, you know, okx, bybit, kraken, Coinbase. … Exchanges are involved in a lot of dubious shit and … listing there essentially means giving them an exposure to commit a fraud against you."
  — Gaurav Dubi ([27:47])

• On ‘who moves the market’:
  "It's easy to say Wall Street's manipulating me or crypto whales are stealing my money than it is to say, well, maybe I didn't actually know what was going on."
  — Christopher Inks ([34:56])

Timestamps for Important Segments

• Intro and overview: [00:01–02:26]
• Market making myths vs. reality: [02:26–06:42]
• Large Bitcoin holder sales, whales in action: [06:42–09:47]
• Market makers vs. manipulators in practice: [09:47–14:06]
• Small cap manipulation and ethics: [14:06–20:31]
• Wintermute/Binance, exchange mechanics: [20:31–24:06]
• How projects should manage listings and partners: [24:06–30:38]
• Technical analysis segment with Christopher Inks: [36:09–45:35]

Analyst Technical Segment: Bitcoin & Altcoin Outlook

• Christopher Inks analyzes current Bitcoin support/resistance ([36:09–39:07]):
  • Pullback to previous resistance, now support; bullish structure remains intact.
  • Key levels: $112K (pivot), $117,440 (resistance). Next major upside target: $134,600 ([37:57]).
• Outlook for Alts: TIA, DOGE, MOG
  • Positive setups as long as recent lows hold and breakouts above August swing highs.
  • “If you can count the five up and then the three back with the slight sweep like that… it’s going to work the same way.” — Inks ([44:00])
• Macro: No signs of a cycle top yet—"market structure is still bullish on your cycle time frame" ([46:08]).

Actionable Takeaways

• For traders: Don’t jump to conclusions based on token movements — real market mechanics are often much more mundane than they appear.
• For project founders: Prioritize transparency and regulation in both exchange selection and market making partnerships.
• For observers: Recognize that sophisticated manipulation on major tokens is extremely difficult; smaller tokens are more vulnerable.
• For everyone: Stay skeptical of rumors; always confirm sources and motives.

Tone & Style

The conversation is candid, irreverent, and often laced with insider anecdotes—balancing technical depth with approachable explanations, and debunking myths with both experience and humor.

Recommended listening for anyone frustrated by crypto Twitter conspiracy theories, or anyone seeking a real-world window into the machinery moving (or not moving) the Bitcoin market.