Bitwise CEO Hunter Horsley stated that once Bitcoin breaks through the $130,000 mark, selling pressure will "disappear."
"I believe that once Bitcoin surpasses the $130,000 to $150,000 range, no one will be willing to sell their Bitcoin," Bitwise CEO Hunter Horsley said in a post on the X platform on Wednesday.
Galaxy Digital founder Mike Novogratz recently pointed out that given the continuous inflow of institutional funds and the growing demand for digital assets, this price range is expected to be reached this year.
"Ancient holders" are gradually cashing out.
Currently, the price of Bitcoin (BTC) is still fluctuating near its historical high.
According to CoinMarketCap data, as of the time of writing, Bitcoin is priced at $108,698, just $3,272 shy of the historical peak of $111,970 set on May 22.
Horsley noted that the current selling pressure mainly comes from early investors—those who bought Bitcoin at very low prices and are now choosing to take profits near the psychologically significant $100,000 mark.
"At the current $100,000 level, those individual investors who accumulated large amounts of Bitcoin at extremely low prices in the early years are partially cashing out," Horsley said. However, he believes this phenomenon is only temporary: "Once Bitcoin breaks through the new threshold, the selling wave will gradually dissipate."
As early as May 8, before Bitcoin surpassed $100,000, on-chain analytics firm Glassnode warned that when the price reaches that level, the selling activity of "ancient holders" will "significantly increase."
Horsley: Holders will develop new liquidity channels.
According to crypto analytics platform Bitbo, long-term Bitcoin holders (holding for more than 155 days) currently have an average return of 215%, with an average cost price of $34,414.
Horsley pointed out that although there is currently a huge profit margin, Bitcoin holders who will need funds in the future will develop token application solutions that do not involve selling.
Bitcoin supply tightening becomes a focus of the industry.
"When holders need liquidity, they will obtain funds from increasingly abundant lending channels," Horsley explained, "this will further drive up the price, and Bitcoin will ultimately be in short supply."
Meanwhile, CoinTelegraph recently reported that there are signs of tightening supply in OTC desks serving large block trades. MicroStrategy founder Michael Saylor also expressed a similar view—he noted on June 10 that miners are selling about 450 Bitcoins daily (worth $50 million at current prices), "if this $50 million buying pressure is absorbed, the price will inevitably rise." Saylor emphasized: "At the current price level, only $50 million in funds is needed to drive the entire crypto economy."
Related: Bitcoin bullish sentiment hits a seven-month high, BTC approaches historical high.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitwise CEO Predicts: No One Will Sell Bitcoin (BTC) After It Hits $130,000”
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