Bitcoin Sales Pressure May Drop at $130,000, Says Bitwise CEO
Hunter Horsley, CEO of Bitwise, suggests that the pressure to sell Bitcoin might ease once it surpasses the $130,000 mark. “If Bitcoin pushes past $130,000 to $150,000, I doubt many will part with their holdings,” he shared on X.
Mike Novogratz, the founder of Galaxy Digital, mentioned recently that such a price range is achievable this year, thanks to robust institutional activity and rising interest in digital assets.
Bitcoin’s Current Trajectory
At present, Bitcoin (BTC) is trading around its all-time high, sitting at about $108,698, based on data from CoinMarketCap.
According to Horsley, the current sales pressures are primarily from early investors who bought when prices were much lower and are now ready to cash out, particularly as Bitcoin approaches the psychologically significant $100,000 mark. “There are indeed a few who have held Bitcoin for a long time at very low costs,” he noted, though he anticipates this situation may not last long. “If Bitcoin hits a new milestone, many will likely hold on tighter,” he added.
Prior to Bitcoin exceeding $100,000 on May 8, Onchain Analytics firm GlassNode warned that older investors might start selling more aggressively after reaching that milestone.
Alternative Liquidity Options for Bitcoin Investors
The typical long-term holder of Bitcoin—those who have maintained their investments for over 155 days—has seen an increase of around 215%, with an average entry price of $34,414, according to the Crypto Analytics platform Bitbo.
While current profit margins are substantial, Horsley indicated that those needing to access liquidity in the future might seek alternative options rather than selling outright. “When liquidity is necessary, it’s likely people will look to borrow from a widening network of lenders,” he explained.
Industry Trends in Bitcoin Supply
Cointelegraph has recently highlighted that OTC desks, which facilitate large trades outside of exchanges, are showing signs of decreasing supply. This, coupled with insights from Michael Saylor, who noted that Bitcoin miners are selling approximately 450 bitcoins daily—yielding around $50 million at current prices—could push prices higher. “If $50 million is being purchased, we can expect the price to increase,” Saylor commented.
This article does not provide investment advice or recommendations. Readers are encouraged to conduct their own research regarding investment and trading activities.
