Could large institutional Bitcoin holdings lead to market manipulation in the future?

With more institutions like hedge funds, corporations, and even governments buying up massive amounts of Bitcoin, do you think the market could become more prone to manipulation? As the distribution of BTC becomes more concentrated among fewer entities, could these institutions have too much power over the price, especially during periods of low liquidity? Would this undermine the decentralization and free-market nature that Bitcoin was built on? Curious to hear your thoughts!