In all trading markets, there is no more true price or value discovery based on supply/demand anymore. There are only two things : technicals (bot trading) and the media "narrative" du jour to support the technical trading.
The roundtable groups formed a club to rig all markets and they do so through the ESF and trading desks at places like the squid and JP Morgan. So it is not that there is no market, it's that all the billionaires are colluding together on the same team. In practice it's like having one single whale with almost infinite money vs a bunch of minnows. Even good traders can make mistakes and lose everything, which they know, so they created a rigged system in order to try and keep themselves in power forever. Anyone familiar with cryptocurrency technicals can spot that this is an obvious fragile, closed entropy system that's doomed to catastrophically collapse.
Or how I already explained things they do before:
In the GATA archives for metals, it was admitted by the govt that they try to introduce volatility into the metals market using the ESF in order to make them look like a less stable store of value so they can pretend the dollar is somehow more stable. The ESF itself might even be running the bitcoin pump and dumps doing the same thing here. Create bubbles then catastrophic collapses over and over ad infinity...in everything...then you pretend the dollar is stable. Meanwhile, they literally hand out a blueprint of when and where the pump and dumps will occur to a select few oligarchs to make sure they can continuously stay in power and never lose a bet.