Bitwise CEO Hunter Horsley believes that once Bitcoin crosses the $130,000 threshold, sell pressure will disappear entirely.
“I think once Bitcoin breaks through, e.g., $130-150k, no one is going to sell their Bitcoin,” Horsley said in a post on X Wednesday.
His comments echo recent remarks by Galaxy Digital founder Mike Novogratz, who said that price range is achievable this year, driven by strong institutional inflows and rising demand for digital assets.
Long-term Bitcoin holders are starting to sell
Bitcoin is currently trading sideways near its all-time highs.
As of publication, it’s priced at $108,698—just $3,272 below its May 22 record of $111,970, according to CoinMarketCap data.
According to Bitwise CEO Hunter Horsley, the current sell pressure in the Bitcoin market is primarily coming from early investors who bought at significantly lower prices and are now taking profits near the key $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,” Horsley said. However, he believes this trend will be short-lived. “Once Bitcoin breaks new levels, this will peter off,” he added.
On-chain analytics firm Glassnode had already flagged this behavior, warning ahead of Bitcoin’s climb past $100,000 on May 8 of a “notable increase” in older holders moving to sell once that level was breached.
Horsley says Bitcoin holders will explore other avenues for accessing liquidity
The average long-term Bitcoin holder—defined as someone who has held for over 155 days—is currently sitting on a gain of approximately 215%, with an average purchase price of $34,414, according to crypto analytics platform Bitbo.
Despite the current high profit margins, Horsley said that Bitcoin holders needing cash in the future will opt to leverage their Bitcoin in other ways rather than sell it.
Tightening Bitcoin supply is the hot topic in the industry
“And from there on, when people need liquidity, they are going to borrow from an ever-growing set of lenders,” he said.
“All of which will further propel the price… There’s simply not going to be enough Bitcoin.”
Cointelegraph recently reported that over-the-counter (OTC) desks—platforms that handle large, off-exchange crypto trades—are showing signs of a tightening Bitcoin supply.
MicroStrategy’s Michael Saylor echoed this view on June 10, highlighting that Bitcoin miners are currently selling around 450 BTC per day, which equates to roughly $50 million at current prices.
“If that $50 million is bought, then the price has got to move up,” Saylor said. “At the current price level, it only takes $50 million to turn the entire driveshaft of the crypto economy in one turn.”
