Bitwise CEO: Bitcoin Currently Lacks a Clear "Schelling Point-Style Price Catalyst"

Odaily News Bitwise CEO Hunter Horsley recently posted on the X platform, stating that one of the core issues Bitcoin currently faces is the lack of a "Schelling point-style price catalyst" strong enough to form market consensus.

Horsley explained that a so-called "Schelling point catalyst" refers to a key event that, once realized, is widely recognized by the market as a decisive positive development, thereby significantly driving up the price of Bitcoin. In recent years, such catalysts have appeared multiple times:

In 2023, market focus centered on whether a spot Bitcoin ETF would be approved;

In the first half of 2024, attention shifted to the actual scale of capital inflows into Bitcoin ETFs;

In the second half of 2024, the U.S. presidential election and expectations for improved regulatory clarity in the crypto industry became the core narrative;

In the first half of 2025, discussions emerged around whether a national-level Bitcoin strategic reserve would be established;

Subsequently, the rapid rise of Bitcoin treasury management companies became a new focal point for the market.

He pointed out that entering the first half of 2026, if you ask multiple industry participants about the key factor that will drive a significant Bitcoin price increase in the coming year, you often receive scattered, even contradictory answers, including broad trend-based judgments like "institutional adoption."

Horsley believes that, overall, a single, uncertain catalytic event can no longer easily dominate the entire market trend, which in itself is a sign of the industry's gradual maturation. However, this has simultaneously created a "vacuum of focus" in the market narrative, lacking a unified focal point.

He concluded that this seemingly subtle change is actually one of the important reasons for the persistently weak market sentiment at present.