I think you are underestimating the power and size of the derivatives market.
You could make the same argument for platinum or palladium. On a big enough scale a single buyer could manipulate the market, yet the value goes down even as inflation goes up.
they control "btc futures" via derivatives.
remember a few years ago when oil contracts went negative? similar to that. basically use calls/puts/ futures contracts to control what they btc 1 month picture is.
they have so much wealth and power. Long term buy, hold, hodl but in the short term this gives them power
exactly.