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.
I think, the main issue here is, who really controls Bitcoin? Despite the huge gap between how much wealth the top two wallet holders have compared to everyone else, they still own more than 90% of Bitcoins collectively. This gives a certain group of individuals unprecedented power over the entire network.