I thought it was more of a crypto lottery frankly. A whole bunch of people started buying it and it's become like this gigantic game of chicken, where you don't want to be left holding worthless BTC.
If we hadn't just had lots of institutional money moving into Bitcoin within the last year (see https://bitcointreasuries.org) I'd be inclined to agree.
However I don't think institutions of this size and nature buy millions of dollars worth without some sort of analysis and strategy.
who knows what those biggies do, I'm sure they don't publish their moves out in the open like this nor do I think they hold actual coin. They're probably just holding option positions on CBOE and CME.
