I think your point has been pretty thoroughly proven wrong by tether, which started out as just a claim without evidence that they had a 1:1 backing of USD to USDT, and then later provided evidence that they did in fact not ever have that, and still now only have “cash equivalents” that no one is of cause allowed to see audits of.
Given that Tether, wether fraud or not, managed to print 1.5B without evidence of that in any way being tied to real USD deposits, I think we can safely say that claims without evidence are a lot lore than just hand waving.
It absolutely could be the case that someone is buying the dip.
But Tether does not make verifiable information public or have any bank acting as a custodian for it do so either.
It is at least plausible that this small firm which tends to avoid dealing with large banks in the US and which has avoided allowing itself to be audited is committing a huge fraud. That would not be without precedent in the history of finance.
It would presumably be easy for Tether to submit to an audit of their accounts by a large accounting firm.
IIRC, they were forced by the NYAG to admit that they weren’t fully backed 1:1 by dollars as they themselves claimed to be. And the period covered by the settlement was several years ago, so does not cover several years of growth in the quantity of issued Tethers.
No one has any evidence from inside the firm, but it is precisely the lack of evidence which makes many people suspicious.
Disclosures: I don’t hold crypto and am a skeptic.
Not the op, but the post-crash buying pattern seems weird to me.
If these groups with billions of dollars have a price at which they "become interested" in bitcoin it seems weird to then buy it up so fast that they don't get that price? Unless something else is going on?