Successful pump-and-dumps usually involve spreading a narrative (e.g. false rumors) in addition to the price action, though.
> Plus chances are Bitfinex did the pump bit but actually holds onto a lot of the crypto it bought anyway.
Yeah, this is a theory that makes more sense to me. Tether may have driven up the price over time by buying and holding bitcoin. The more they bought, the more they drove up the price, reinforcing their decision to buy. Similar to Archegos, but with bitcoin instead of equities.
> Plus chances are Bitfinex did the pump bit but actually holds onto a lot of the crypto it bought anyway.
Yeah, this is a theory that makes more sense to me. Tether may have driven up the price over time by buying and holding bitcoin. The more they bought, the more they drove up the price, reinforcing their decision to buy. Similar to Archegos, but with bitcoin instead of equities.