[Founder of EMJ Capital: Long-term capital will take over Bitcoin, current selling pressure mainly comes from ETF allocators exiting] BlockBeats News, February 24, EMJ Capital founder Eric Jackson stated that despite the ongoing withdrawal of institutional funds, Bitcoin is undergoing a 'purification.' Short-term speculators are being gradually eliminated, replaced by long-term capital such as sovereign wealth funds, corporate treasuries, and pension funds with holding periods spanning decades. Jackson believes that Bitcoin has become a 'high-beta position' linked to tech stocks, and the current selling pressure mainly stems from ETF allocators exiting. However, this does not signify the end of Bitcoin's narrative but rather a restructuring of its holding composition. He predicts that as stablecoin supply rebounds and IGV selling pressure subsides, Bitcoin is likely to regain upward momentum.