Do you know how was pumped BTC during last 3 months from 6.5k to 10k? look at the 50M. spoof orders on bitmex.. Try to do this in any regulated market .. know what would happen? jail
Which further proves this point:
SP500 is a index of 500 biggest US stocks, was prevented from drops by circuit breakouts (at least 20), helped by helicopter money. BTC was on his own.
BTC is literally helpless from such orders that can bring it down to $0, but is also controlled from all sorts of trading practices that could make it valued a lot in a single night; susceptible to all forms of nefarious trading practices but still stood on its own despite everything around it crumbling to pieces. You are naive to think that spoofing isn't happening in regulated markets. It is happening, but most traders are good in hiding it that's why it's not being exposed.