3. Institutional Manipulation Representative Case: Bitcoin.

Strictly speaking, institutional manipulation can be considered a type of mixed manipulation, but unlike the current situation in the cryptocurrency circle where most manipulators are individuals or informal institutions, institutional manipulation refers to cases where all or part of the main investors in a project belong to relatively formal financial institutions. For example, some public and private funds with relevant licensing endorsements. The emergence of institutional manipulation signifies that the market for a certain financial asset has developed to a relatively mature stage. At this point, the market capitalization of the project is already very large, and individuals and informal institutions, due to limited financial resources, are unable to hold a significant proportion of the assets. Therefore, the role of the manipulator can only be filled by those investment institutions that can raise funds publicly or privately.