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Bitcoin Sell-off to Stop After $130K Breakout, Says Bitwise CEO
- Bitwise CEO predicts Bitcoin holders will stop selling once the price surpasses $130,000.
- Bitcoin exchange balances have dropped by 14%, now standing at just 2.5 million BTC, the lowest since 2022.
- Institutions like BlackRock and MicroStrategy are accumulating Bitcoin with long-term strategies in mind.
- Bitwise CEO believes that above $130,000 to $150,000, most Bitcoin holders will opt to lock in for the long term.
- Currently trading near $107,000, some older wallets are taking profits due to substantial gains.
- Horsley anticipates selling pressure to decrease as Bitcoin surpasses its all-time highs, prompting holders to view it as long-term wealth.
- A significant number of Bitcoins are being withdrawn from exchanges and moved to cold storage, with exchange balances at just 2.5 million BTC.
- Institutions like BlackRock, Fidelity, MicroStrategy, and Metaplanet hold billions in Bitcoin, focusing on long-term investments.
- As Bitcoin's value rises, lending platforms offering BTC-backed loans are increasing.
- Long-term holders, up by 215%, are considering borrowing against their Bitcoin rather than selling, further reducing available supply.
- The decrease in available Bitcoin for buyers could occur as long-term holders borrow against their BTC.
- Bitwise CEO suggests that borrowing against Bitcoin could be a way for holders to unlock value while retaining their assets.
- Bitcoin's scarcity could increase as more holders choose to borrow against their assets instead of selling.
- Institutions with long-term outlooks are holding billions in Bitcoin, reinforcing the narrative of Bitcoin as a strategic long-term asset.
- The trend of Bitcoin leaving exchanges for cold storage may support the belief that holders are preparing for long-term ownership.
- Bitcoin's price trajectory and institutional accumulation could signal a shift in how the cryptocurrency is perceived and held by investors.
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