My point is:
It is way (probably multiple times?) easier for the exchanges to create fake BTC liquidity. Because of this their price pressure/manipulation capability is magnitudes higher on pushing BTC price down than on push it up.
Thanks for reading this far, what do you think?
Back in 2015 and 2016, the Chinese exchanges created fake volume because they were feeless exchanges.
It's very hard for regulated exchanges in the west, which all have a fee-based model, to create fake volume. In other words, you won't see fake volume at Gemini, Coinbase, Kraken and other western exchanges.