SBF, Caroline Ellison, Alameda, and FTX were accused of conspiring to keep Bitcoin's price below $20,000, but the feasibility and impact of such a scheme are in question. Caroline Ellison disclosed that she received instructions from FTX's CEO, Sam "SBF" Bankman-Fried, to sell Bitcoin if it exceeded $20,000, though the actual execution of this plan is uncertain.

Determining whether Alameda effectively suppressed Bitcoin's price below $20,000 is challenging due to the lack of specific trade details. FTX's publicly available data indicated holdings of less than 47,000 BTC by September 2022. Assuming the sales occurred on FTX, a 4,000-BTC sale, valued at $80 million at the time, represented only 8% of the exchange's average daily volume. In the broader context, major exchanges like Binance and Coinbase held far more BTC, making Alameda's impact limited in terms of firepower.

While Alameda may have influenced Bitcoin's price for a few days, the sustained suppression below $20,000 over an extended period appears unlikely given the reserves and the historical impact of similar-sized orders.