According to a theory that cannot be confirmed, Bitcoin (BTC) miners coordinated to pump and dump the Bitcoin (BTC) market this year, via HODLING their freshly mined coins from the beginning of the year through the middle of February, causing a price run up to over $10,000, and then dumping their coins all at once, causing the price crash to $3,850.

Apparently the evidence for this is that the Bitcoins (BTC) sold off during the crash this past month were almost entirely from short term HODLERS, and apparently these HODLERS were willing to dump at deep discounts.

The reasoning behind this theory is that miners coordinated to take control of the market ahead of the block halving, via pushing out smaller miners who were using leveraged positions on BitMEX, and to shake out manipulators like PlusToken and institutional investors.

Basically, this theory asserts that miners did this to assert their dominance over the market, both in terms of mining share and their capability to influence the spot price. If this theory is true, then these moves paved the way for a major block halving rally.

This theory also asserts that miners chose to perform the dump at the same time that stocks were crashing due to the Coronavirus, so that the dump would be extra severe.

All of this being said, there is no way to prove that this theory is true at this time, and the Bitcoin (BTC) dump this past month may have been simply due to economic weakness from the Coronavirus. However, there is no way to disprove this theory either.