Bitcoin Sell-off to Stop After $130K Breakout, Says Bitwise CEO

by

Is Bitcoin About to Become the New Gold? You Won’t Believe What Happens Next! 🚀💰

Ah, Bitcoin! The world’s largest cryptocurrency, which is not just a digital currency but also a cosmic enigma wrapped in a blockchain. Recently, the illustrious Bitwise CEO, Hunter Horsley, proclaimed that once Bitcoin hits the magical number of $130,000, BTC holders will stop selling faster than a Vogon can recite poetry and start locking in for the long haul. Yes, you heard that right! Locking in, as if Bitcoin were a particularly stubborn door that refuses to budge.

So, let’s embark on this whimsical journey to uncover why Mr. Horsley believes this is the case!

Bitcoin Selling Dries Up Above $130K

In a tweet that surely sent shockwaves through the intergalactic ether, Hunter Horsley shared a nugget of wisdom about Bitcoin’s future. He believes that once Bitcoin crosses into the $130K to $150K range, most holders will cling to their precious coins like a paranoid hoarder clings to their collection of vintage spoons.

Currently, Bitcoin is trading near $107K, which is a number that sounds impressive until you realize it’s just a few thousand dollars away from being a mere blip on the radar of financial history. Some ancient wallets, those relics from the early days, are taking profits faster than a hyperactive squirrel in a nut factory. But fear not! Horsley suggests that this selling pressure could soon evaporate like a mirage in the desert.

Once BTC breaks past its all-time highs, more holders may start viewing it as long-term wealth, akin to finding a rare artifact in a thrift store.

BTC Is Leaving Exchanges

On-chain data, which sounds like something out of a sci-fi novel, suggests that a growing number of Bitcoins are being whisked away from exchanges and tucked into cold storage. Since early 2025, exchange balances have plummeted by 14%, down to a mere 2.5 million BTC, the lowest since August 2022. It’s as if Bitcoin is playing a game of hide and seek, and it’s winning!

Meanwhile, institutions like BlackRock, Fidelity, MicroStrategy, and Metaplanet are hoarding billions in Bitcoin. These entities aren’t your average day traders; they’re thinking in years, not months, which is a refreshing change from the usual “What’s the price today?” mentality.

Borrowing Instead of Selling

As Bitcoin’s value skyrockets, so does the number of lending platforms offering BTC-backed loans. It’s like a financial buffet where you can borrow against your Bitcoin while keeping it safe and sound. According to Bitbo, long-term holders (those who have been in it for over 155 days) are up around 215%, with an average buy price of $34,414. Horsley also noted that instead of selling, these holders might borrow against their Bitcoin, keeping their assets while still unlocking value. This means even less Bitcoin will be available for buyers, which is just delightful for those who enjoy a good game of scarcity!

Read More

2025-06-12 09:39