Key Takeaways
- Bitwise CEO Hunter Horsley believes Bitcoin selling will sharply decrease above $130,000.
- Current sell pressure is mainly from early investors taking profits near $100,000.
- Holders may seek liquidity through borrowing instead of selling, tightening available supply further.
Bitwise CEO sees sell pressure fading above $130,000
Bitwise CEO Hunter Horsley stated that Bitcoin holders will be unlikely to sell once the price surpasses $130,000.
In an X post on Wednesday, Horsley said:
“I think once Bitcoin breaks through, e.g., $130-150k, no one is going to sell their Bitcoin.”
This perspective follows recent comments from Galaxy Digital’s Mike Novogratz, who suggested such prices are possible in 2025 due to strong institutional demand.
Early buyers drive current selling
Bitcoin is currently trading at $108,698, just below its May 22 all-time high of $111,970.
According to Horsley, the primary source of recent selling is early buyers who accumulated Bitcoin at much lower prices and are now realizing profits near the $100,000 mark.
“Right now at $100k, it seems individuals who hold a lot of Bitcoin that was bought a long time ago at very low prices are selling some.”
Glassnode, an onchain analytics firm, previously reported a significant uptick in older investors selling after Bitcoin passed $100,000.
Holders seek alternative liquidity
Horsley predicts that, going forward, holders needing liquidity will pursue borrowing rather than selling their Bitcoin. He commented:
“All of which will further propel the price… There’s simply not going to be enough Bitcoin.”
Cointelegraph also reported that OTC desk activity signals tightening supply.
Michael Saylor from Strategy recently observed that only about 450 Bitcoin are available for sale from miners daily, worth roughly $50 million at current prices. Saylor remarked that even this modest purchasing activity could meaningfully impact price.
