it would seem a bit hard to determine at any given time what the markets are "factoring" in or not in such a manipulated market. The price of Bitcoin is obviously manipulated - by how much, is to be seen. If and when a physically-backed ETF ever becomes listed somewhere in the world with a high enough volume such as in Korea or Japan where Bitcoin is legal, the price of BItcoin should go up a lot, it would seem. But not holding my breath waiting for either country to allow this anytime soon.