That is NOT the conclusion that I would reach from that data.
My understanding is that price gets pushed in whatever direction the whales perceives is least resistance, and frequently, actual news events are not going to make much of a difference, except perhaps create incentive for the opposite. So, people come to believe the situation is bearish and they place a lot of shorts, then one or more whales come in and force those shorts to close by pushing the price in the opposite direction. That is not fake news, but it is a combination of market momentum and some strategic placement of capital by whales in order that they can push the market in their opportunistic preferred direction.
Good speculation and the correct place for it. I stand by my statement there is a detachment from reality and it is just getting worse and once those EFTs are in it will be nothing but insider trading.
By the way, I was editing my above post while you were making your above response, but I would like to add here that you seem to be quite skeptical of the power of bitcoin.
Of course, traditionally powerful folks, and especially those who have access to a lot of fiat, are going to attempt to use BTC as their playing ground for as long as they can get away with it, and so there remains a kind of war going on and regular people have not completely lost this role, and the bitcoin community has a lot of vigilence within it. We are not just the pawns of the rich, as sometimes they would like you to believe yourself to be, and even though ETFs are going to provide more tools for the rich to play around and to manipulate bitcoin, it is also going to both cause bitcoin prices to go up quite stupendously and become a kind of Trojan horse, as some have theorized.... They let bitcoin in and then they are kind of stuck with some of its sound money features that is going to push less sound money to become more sound.