Bitcoin price in 2025: who really controls the move—whales, devs, or governments?

I’m reevaluating who ultimately drives Bitcoin’s price in 2025: whales, developers, or governments. My view remains that market dynamics are a blend of on-chain activity, developer governance signals, macro policy shifts, and influential market participants. Whales can move pockets of liquidity, but long-term moves tend to hinge on broader adoption cycles, regulatory clarity, and the evolving infrastructure around the asset. I expect a continued tug-of-war between demand drivers—retail and institutional interest—and supply-side factors like mining economics and macro policy, with governments increasingly shaping sentiment through regulation and central-bank narratives. In 2025, no single actor will have absolute control; the price will reflect the intersection of technical developments, policy responses, and real-world usage metrics.