Ari Paul, founder of BlockTower Capital, attributes the recent decline in Bitcoin's price to early holders selling large quantities of BTC. Paul explained that while market makers might engage in short-term price manipulations during weak market conditions, these are typically intraday actions with minimal long-term impact on liquid assets like Bitcoin ETFs. Paul emphasized that large-scale, long-term market manipulation is unlikely due to its high risk. He advised investors to avoid attributing unexpected market movements solely to manipulation and to refine their analytical approaches. He also noted that upward price movements are more common than downward manipulations across various asset classes.