Price discovery is impossible with the whales controlling 90% of all bitcoins minted. The original intent of bitcoin as a neutral asset disappeared long ago. Those at the top are trying to get more users in to keep it's price (and their investment) stabilized.
Bitcoin kind of reminds me of the push for solar energy to replace engines using fossil fuels. Big marketing push by those who benefit from it's adoption even though it doesn't have the value advertised.
Two 1.5 hour videos on the subject on streaming TV interviewing early adopters and investors who have made and lost money.
If you're claiming something then it is important to provide the appropriate evidence as well to claim.
AFAIK, bitcoin distributed more among the investors in recent years and with more people entering the concentration will be diluted and whales are also losing their manipulation power.
Early investors didn't actually lose their money, they just sold it too early when it reaches double and triple digits still its like 100x profits for them so we can't consider this as a loss.