Bitwise CIO: Bitcoin Pullback Primarily Due to Longs Actively Reducing Positions, Market May Be in a Bottoming Phase

Odaily News Bitwise Chief Investment Officer Matt Hougan stated on social media that various conspiracy theories surrounding Bitcoin's decline are not the core reasons; the price pullback mainly stems from investors holding long positions actively reducing their holdings.

He pointed out that the related selling behavior includes operations such as spot selling, closing leveraged positions, and selling call options. Reasons for some funds choosing to exit involve expectations of the four-year cycle, concerns about quantum computing, and shifting investments to AI startups, among other factors.

Hougan believes that the current selling pressure has significantly weakened, the market may be in the process of a phased bottoming, and he remains optimistic about subsequent new highs.