According to Matt Hougan, Chief Investment Officer at Bitwise, Bitcoin does not need to capture half of gold’s market value to reach a price of $1 million per coin. Instead, the key factor lies in the expansion of the broader global “store of value” market.

The Store-of-Value Market Is Expanding

Many investors assume that for Bitcoin to achieve a seven-figure price, it must directly rival gold and absorb a large portion of its existing market capitalization. Hougan believes this perspective overlooks an important dynamic: the store-of-value market itself is continuously growing.

Gold and other assets commonly used as stores of value have expanded significantly over the past two decades. In 2004, the global gold market was valued at roughly $2.5 trillion. Since then, it has grown at an average annual rate of around 13%, reaching approximately $38 trillion today.

Several structural factors have contributed to this expansion, including rising government debt levels, geopolitical uncertainty, accommodative monetary policies, and increasing concerns about long-term financial stability.

A $121 Trillion Market Within a Decade

If this growth trend continues, Hougan estimates that the total global store-of-value market could reach around $121 trillion within the next ten years.

Under such a scenario, Bitcoin would not need to dominate the market to reach $1 million per coin. Capturing just 17% of the global store-of-value market—roughly one-sixth of the total—could be sufficient to support that valuation.

This framework shifts the discussion away from direct competition with gold and instead highlights the overall expansion of wealth preservation assets worldwide.

Institutional Adoption Could Be a Major Catalyst

Institutional capital is expected to play a critical role in Bitcoin’s potential market share growth. Over the past several years, large financial institutions have gradually increased their exposure to digital assets.

Investment vehicles such as exchange-traded funds (ETFs), sovereign wealth funds, and professional asset managers allocating portions of diversified portfolios to Bitcoin could significantly accelerate adoption.

As these flows increase, Bitcoin’s role within the global financial system may continue to strengthen.

Hougan suggests that when these structural trends are considered, the idea of Bitcoin capturing a meaningful portion of the store-of-value market over the next decade does not appear unrealistic.

Bitcoin and Gold Are Currently Diverging

Despite frequent comparisons between Bitcoin and gold, the two assets have not moved in tandem in recent months.

Gold reached an all-time high of $5,600 per ounce in late January and currently remains only about 2.2% below that level. In contrast, Bitcoin is still trading roughly 44% below its peak recorded last October.

This divergence has fueled debate about whether Bitcoin truly behaves like a traditional safe-haven asset, despite its widely used “digital gold” narrative.

The Store-of-Value Narrative Remains Debated

Not all investors are convinced that Bitcoin can fully assume the role of a long-term store of value comparable to gold.

Billionaire investor Ray Dalio has previously expressed skepticism, arguing that gold remains a stronger safe-haven asset. One of his key points is that central banks continue to accumulate gold, while they have not shown the same level of demand for Bitcoin.

Dalio also suggests that Bitcoin’s market behavior often resembles that of technology stocks rather than a traditional defensive asset.

Similarly, some market research indicates that Bitcoin is not currently being priced as a hedge against macroeconomic risks such as inflation, sovereign debt concerns, or real interest rate fluctuations.

A Long-Term Scenario Still Under Discussion

The question of how large a share Bitcoin can ultimately capture within the global store-of-value market remains open. However, the continued expansion of that market combined with increasing institutional participation keeps the long-term bull case alive.

For this reason, some analysts believe that Bitcoin’s current valuation may still represent only an early phase in its long-term price discovery process, particularly if it continues to gain traction as a global wealth preservation asset.

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Bitcoin’s Four-Year Cycle Is Changing

Speaking on the New Era Finance Podcast, Hougan said that many of Bitcoin’s past sharp declines were largely driven by market psychology. For years, investors have acted according to the expectation of a four-year market cycle, and Hougan believes this narrative has sometimes triggered chain reactions of selling. According to Hougan, large Bitcoin holders often sold their holdings when they believed the cycle was nearing its end, creating downward pressure on the market. He added that options strategies and fears about the cycle’s conclusion have also influenced investor behavior.

“The main reason Bitcoin dropped was that large investors sold due to the four-year cycle expectation.”

Gold’s Rally and the “Digital Gold” Debate

During a period when Bitcoin experienced declines, Gold reached record highs. This caused some investors to question the “digital gold” narrative often associated with Bitcoin. However, Hougan argued that the reason is relatively simple. Since 2022, central banks have been purchasing large amounts of physical gold. Following the Russia‑Ukraine War, the freezing of certain countries’ assets led many governments to reconsider their reserve strategies. As a result, gold has been strongly supported by state-level buyers, while Bitcoin still reacts more sensitively to the psychological cycles of retail and institutional investors. Hougan also pointed out that gold’s roughly $30 trillion market value is not negative for Bitcoin. Instead, it demonstrates how large the store-of-value market can be.

Institutional Investors Could Reshape the Next Bull Market

Hougan reminded listeners that previous crypto bull markets were largely driven by aggressive retail buying. However, he believes institutional investors will play a much more decisive role in the next cycle. Institutional investors typically accumulate assets gradually each quarter, which could lead to a more stable market environment.

“Compared to previous bull markets, we may see a market that is less volatile, rising more gradually, and perhaps a bit more ‘boring.’”

Hougan’s “Mount Rushmore” of Crypto Projects

According to Hougan, the crypto market is no longer just about Bitcoin. Institutional interest is increasingly concentrated in a few major blockchain projects, which he described as the “Mount Rushmore of crypto.”

The projects he highlighted include:

• Ethereum
• Solana
• Chainlink

Hougan particularly emphasized Chainlink, noting that it provides critical infrastructure by connecting blockchains with real-world data. According to him, if Chainlink were a traditional technology company, it would likely be considered one of the most attractive investments in the tech sector.

Overall Assessment

According to Matt Hougan, the recent downturn in the crypto market is driven more by investor psychology and cycle expectations than by macroeconomic developments alone. The widely discussed four-year cycle narrative has influenced selling decisions among some large investors, creating short-term pressure on prices. However, the growing presence of institutional capital suggests that the crypto market could become more stable and mature over time. Hougan’s focus on infrastructure projects like Chainlink also highlights that institutional interest is expanding beyond Bitcoin into other parts of the blockchain ecosystem.

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Hougan argues that the transition underway is not incremental. In his view, major financial institutions are not merely experimenting with blockchain technology at the margins; they are laying the groundwork for capital markets that could eventually operate natively on-chain. The question, he suggests, is not whether Wall Street is engaging with crypto — but when that engagement will be fully reflected in asset prices.

Wall Street is Working on Crypto!

One of the central issues, Hougan contends, is anchoring bias. Many investors still associate crypto with its early identity: a niche technology embraced by technologists and fringe communities. That outdated mental model may be obscuring the structural evolution currently taking place.

Today’s landscape looks markedly different. Regulated financial entities are building compliant infrastructure, integrating blockchain-based settlement systems, and developing tokenized financial products. The transformation is not just conceptual — it is measurable.

The total value of tokenized assets on public blockchains, including U.S. Treasurys and commodities, has surged more than fourfold over 2025, approaching $20 billion. When compared to the hundreds of trillions of dollars in global ETFs, equities, and bond markets, the potential addressable market for tokenization remains vast.

Regulatory Momentum and Institutional Participation

Regulatory posture in the United States has also become more constructive. The Securities and Exchange Commission’s “Project Crypto,” launched in July to facilitate the migration of financial markets on-chain, signals formal institutional support for this direction.

Meanwhile, major asset managers such as BlackRock and Apollo have introduced tokenized funds valued in the billions. Large banking institutions — including JPMorgan, Bank of America, Citigroup, and Wells Fargo — are reportedly engaged in discussions around stablecoin initiatives.

A Mispriced Structural Shift?

Hougan suggests that both traditional and crypto-native investors may be underappreciating the magnitude of the change. After years of hearing about institutional adoption, markets may have grown desensitized to the narrative.

However, accelerating tokenization volumes, regulatory alignment, and concrete participation from major financial players indicate that on-chain finance is evolving into a structural development rather than a speculative theme. If that assessment proves accurate, the repricing of this transformation may still be ahead.

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Bitcoin Still at the Top

Matt Hougan describes Bitcoin as the clear winner in the digital store-of-value category. In his view, Bitcoin remains unrivaled in the digital gold narrative and is set to maintain its leadership in this space over the long term. Factors such as its limited supply, global recognition, and growing institutional adoption distinguish Bitcoin from other cryptocurrencies.

Hougan stated:

“I am fully confident that Bitcoin will win the digital gold and store-of-value category. I believe this race is largely over, and Bitcoin has won.”

He notes that Bitcoin is now on the radar not only of individual investors but also of institutional funds and potential sovereign reserves. Spot Bitcoin ETFs and rising institutional adoption strengthen BTC’s role in the financial system. Hougan emphasizes that, with institutional interest and potential government purchases, Bitcoin is expected to remain the strongest cryptocurrency over the long term. One of Hougan’s most notable assessments involves possible government purchases. The Bitwise CIO estimates a 10–25% probability of the U.S. government actively buying Bitcoin. If realized, this scenario could push Bitcoin’s price above $500,000. Hougan believes markets are largely overlooking this potential. Discussions Bitwise has had with central banks and sovereign wealth funds suggest that some countries may have already begun acquiring Bitcoin.

Ethereum and Solana: Smart Contract Competition

Regarding smart contract platforms, Hougan argues that investing in multiple strong projects is a healthier strategy than focusing on a single winner. He identifies Ethereum and Solana as the two leading ecosystems, both demonstrating strong growth potential through developer activity, user numbers, and application diversity. Ethereum retains a leadership position in terms of institutional adoption and the DeFi ecosystem, while Solana continues to attract users with high transaction speeds and low costs. Hougan believes that this competitive dynamic will ultimately drive long-term sector growth. Therefore, he suggests a diversified approach within the smart contract platform category is more balanced and strategic than focusing on a single project.

Surprise Pick: Chainlink

One of Hougan’s most interesting picks is Chainlink. He expects oracle infrastructure to become increasingly critical as stablecoins and real-world asset tokenization grow, with Chainlink positioned as the strongest player in this space. Hougan highlights that tokenization opportunities are not limited to stablecoins; the tokenization of global equities, bonds, and real estate represents a massive market potential.

“Tokenization is a multi-trillion-dollar opportunity. For this system to work, you need oracle infrastructure, and Chainlink could dominate this field,” he said.

Bitwise’s launch of a Chainlink ETF in early 2026 is also seen as a potential catalyst for LINK. Matt Hougan’s four crypto picks for 2026 provide key signals from a corporate investor perspective. While Bitcoin continues to assert its dominance, Ethereum and Solana remain strong in the smart contract ecosystem. Chainlink emerges as a potential surprise star, driven by tokenization and infrastructure growth. During this bearish market phase, institutional strategies continue to offer critical guidance for investors.

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Crypto Markets Move on Narratives

Bitwise CIO Hougan emphasizes that crypto markets have historically been driven less by single catalysts and more by overlapping narratives that gain momentum simultaneously. Major bull runs, in his view, rarely emerge from one isolated trend. Instead, they are fueled by several themes reinforcing each other at the same time. Contrary to claims that the market lacks fresh ideas, Hougan believes a strong structural foundation is already in place.

Blockchain Revenue and the Rise of AiFi

The first major pillar is blockchain-generated revenue. Even at current adoption levels, leading networks produce billions of dollars annually, a figure that could scale significantly as usage expands. The second theme is AiFi — the convergence of artificial intelligence and decentralized finance. Hougan expects AI-driven agents to increasingly transact natively using crypto assets, stablecoins, and DeFi protocols rather than relying on traditional banking infrastructure.

Eroding Fiat Trust and Institutional Capital

A third narrative centers on the gradual erosion of confidence in fiat currencies. As trust in government-issued money weakens over time, demand for scarce, non-sovereign assets such as Bitcoin is likely to grow. The fourth theme is institutional adoption. Hougan frames this not as a cyclical trend, but as a decade-long shift involving trillions of dollars entering the crypto space incrementally.

Regulation, Stablecoins, and Tokenization

The fifth pillar is regulatory progress. Clearer frameworks are emerging globally, yet Hougan argues their full impact has not been reflected in market behavior or capital allocation. The sixth narrative is a stablecoin supercycle. Despite rapid growth, global payment systems built on stablecoins remain in an early phase, leaving substantial room for expansion.

Tokenization of real-world assets represents the seventh theme. Equities, bonds, and real estate have only begun migrating on-chain, suggesting long-term growth potential. The eighth narrative focuses on a DeFi revival, supported by improved token economics and clearer regulatory boundaries. The ninth and final pillar is renewed leadership momentum within the Ethereum ecosystem, which Hougan views as approaching a critical inflection point.

A Constructive Long-Term Outlook

Hougan is careful to acknowledge that not every narrative will succeed and that volatility remains unavoidable. However, when viewed collectively, these nine forces point to a strong structural backdrop. Revenue growth, institutional participation, evolving infrastructure, and expanding real-world use cases together form a compelling case for a sustained crypto bull market, potentially benefiting Bitcoin, Ethereum, stablecoins, and DeFi protocols over the coming years.

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Why the Clarity Act Matters

The Clarity Act passed the U.S. House of Representatives in July 2025 with bipartisan backing. However, as of January 2026, the bill is still under review in the Senate. The Senate Banking, Housing, and Urban Affairs Committee is leading the process, while the Senate Agriculture Committee is responsible for provisions related to the Commodity Futures Trading Commission (CFTC).

Although multiple hearings have taken place and draft frameworks around crypto market structure have been released, progress has been slow. Disagreements over investor protections, regulatory jurisdiction, and the division of authority between agencies have prevented alignment between the Senate’s drafts and the version approved by the House.

The Risk of a “Show Me” Era

Hougan warns that without the Clarity Act, today’s relatively constructive regulatory environment lacks durability. A future change in political leadership could easily reverse the current stance toward crypto.

In this scenario, the industry would enter what Hougan describes as a “show me” period—a phase where crypto can no longer rely on regulatory optimism and must instead prove its value through real-world adoption. Stablecoins, tokenized securities, and blockchain-based financial infrastructure would be expected to demonstrate tangible, large-scale utility to justify continued investor confidence.

Lessons from Uber and Airbnb

Hougan draws parallels to the early years of companies like Uber and Airbnb, which operated for years in regulatory gray zones. Their widespread adoption eventually forced policymakers to adapt. Crypto, he argues, may have to follow a similar path if legislative clarity fails.

However, the outcome is far from guaranteed. If crypto remains perceived as peripheral to the financial system after several years, a shift in political sentiment could result in significantly tighter restrictions. In such an environment, markets are unlikely to reward narratives without concrete usage data.

A Very Different Outcome If the Bill Passes

Should the Clarity Act pass in a form broadly acceptable to the industry, Hougan believes the market response could be immediate and forceful. Clear rules around stablecoins, tokenization, and broader crypto applications would likely unlock institutional participation and trigger a strong rally driven by regulatory certainty.

Rising Tensions Within the Industry

As the debate continues, internal fractures have become more visible. Citron Research has accused Coinbase CEO Brian Armstrong of opposing the Clarity Act to protect existing stablecoin revenue models. These claims followed Coinbase’s decision on January 14 to withdraw support for the bill, citing concerns around tokenized equities, DeFi privacy, stablecoin rewards, and expanding SEC authority.

Taken together, these developments highlight that the Clarity Act is more than a regulatory proposal—it represents a defining moment for the trajectory of the U.S. crypto market.

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Matt Hougan, Chief Investment Officer at Bitwise, highlighted that Q4 presented a confusing mix of weak price action and strengthening fundamentals — a pattern that long-term crypto participants may find familiar.

Weak Price Action, Strengthening Foundations

Bitwise CIO Hougan argues that while market prices underperformed expectations in late 2025, the underlying health of the crypto ecosystem continued to improve. This divergence between price and fundamentals mirrors conditions seen in early 2023.

Following the collapse of FTX in 2022, Bitcoin was trading near the $16,000 level at the start of 2023. At that time, market data lacked a clear directional signal: some metrics improved, others stagnated, and sentiment remained fragile. Yet over the following two years, crypto markets staged a powerful recovery, with Bitcoin climbing to approximately $98,000 by early 2025.

According to Hougan, the current environment shows similar characteristics. Investor sentiment remains subdued and prices are compressed, but core metrics across the crypto economy are expanding. Historically, such disconnects have often emerged near cyclical lows rather than market tops.

No Consensus Yet on What 2026 Holds

Despite Bitwise cautiously optimistic tone, analysts remain divided on how 2026 may unfold for crypto markets.

Some market observers believe macroeconomic uncertainty, trade policy concerns, and geopolitical tensions could weigh on risk assets for much of the year. Political pressure in the United States, in particular, is seen as a potential headwind for equities and crypto alike.

Others, however, see reasons for optimism. This camp expects improving fiscal clarity and signs of economic stabilization in the US to support a more favorable environment for “risk-on” assets, especially during the early months of 2026.

Four Indicators Supporting a Bullish Long-Term Outlook

Hougan points to four major trends from the final quarter of 2025 that underpin Bitwise constructive outlook for the year ahead.

1. Record Activity on Ethereum and Layer-2 Networks

Transaction volumes on Ethereum and its Layer-2 scaling solutions have surged to all-time highs. This growth suggests that real usage and demand continue to expand independently of short-term price movements, reinforcing the network’s long-term value proposition.

2. Crypto Firms Outpacing Traditional Sectors on Revenue

According to Hougan, revenues generated by crypto-native companies are growing faster than those in many traditional equity market sectors. This trend reinforces the idea that crypto has evolved beyond pure speculation and is increasingly supported by sustainable business models.

3. Stablecoin Market Reaches New Milestones

The stablecoin sector recorded a standout performance in Q4 2025. Total market capitalization surpassed $300 billion for the first time, setting a new historical high. Transaction volumes and assets under management also expanded significantly, underscoring stablecoins’ growing role in global digital finance.

4. Accelerating Adoption in Decentralized Finance

Decentralized finance continues to gain traction, particularly in trading activity. Platforms such as Uniswap have reached a scale where they consistently rival — and at times exceed — centralized exchanges in transaction volume. Hougan notes that Uniswap now reliably processes more volume than Coinbase, highlighting the maturity of DeFi infrastructure.

A Classic Bear Market Signal: Sentiment vs. Reality

Hougan emphasizes that the gap between negative market sentiment and improving fundamentals is not unusual at major turning points. Periods marked by investor pessimism, compressed prices, and rapid infrastructure growth have historically preceded longer-term trend reversals in crypto markets.

While short-term volatility may persist, the broader data suggests the ecosystem is strengthening rather than contracting.

Potential Catalysts That Could Shape 2026

Beyond current fundamentals, Bitwise identifies several developments that could act as catalysts for crypto markets in 2026:

• Progress on the CLARITY Act, which could provide greater regulatory transparency in the US

• The emergence of a new stablecoin-driven growth cycle

• A potential leadership change at the US Federal Reserve

• Three major wirehouse firms opening broader client access to crypto exchange-traded funds (ETFs)

Each of these factors could meaningfully influence capital flows and investor confidence in the coming year.

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Why the CLARITY Act Matters

Introduced in May 2025 with bipartisan backing in the U.S. House of Representatives, the CLARITY Act aims to clearly define how digital assets should be regulated. Its primary objective is to resolve the long-running ambiguity around whether certain crypto assets fall under securities law or should be treated as commodities.

Under the proposed framework, assets categorized as digital commodities would largely fall under the oversight of the Commodity Futures Trading Commission (CFTC), covering spot markets, exchanges, brokers, and dealers. The Securities and Exchange Commission (SEC), meanwhile, would retain authority over securities-related activities and specific primary-market fundraising mechanisms. For market participants, this clearer division of responsibilities could significantly reduce compliance risk and unlock sidelined capital.

Market Sentiment Turns Constructive

Hougan has compared the CLARITY Act to a signal that could determine whether the crypto market remains stuck in winter or transitions into a new growth phase. In his view, passage and enactment of the bill could pave the way for fresh all-time highs across major digital assets. Failure, on the other hand, could prolong the current period of caution.

Market-based probability indicators suggest growing optimism, with traders increasingly pricing in the likelihood that the legislation will be signed into law within the year.

Is Bitcoin’s Four-Year Cycle Ending?

Beyond regulation, Hougan also questions whether Bitcoin’s historically referenced four-year cycle still applies. He argues that the halving’s impact has diminished as new supply growth has become relatively insignificant compared to overall market size.

Instead, structural forces such as institutional adoption, regulatory progress, and long-term infrastructure development are now playing a larger role in shaping Bitcoin’s trajectory. For the first time, Hougan suggests, Bitcoin’s fundamentals appear to be leading price rather than reacting to it.

A Structural Shift for Crypto Markets

When viewed together, potential regulatory clarity and evolving Bitcoin market dynamics point toward a transition away from short-term cyclical behavior. If realized, this shift could mark the beginning of a more mature phase for crypto—one defined by long-term trends, deeper institutional participation, and greater predictability within the global financial system.

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At the heart of this growth thesis are three key drivers: Bitcoin, stablecoins, and asset tokenization. Together, these pillars are expected to reshape financial markets at scale.

A $68 Trillion Shift Signals How Early the Market Still Is

One of the most striking indicators supporting Hougan’s optimism comes from recent comments by SEC Chair Paul Atkins. Atkins suggested that the entire U.S. equity market could migrate onto blockchain infrastructure within just a few years.

The scale of this potential transition is enormous. Traditional U.S. equities currently represent a market of roughly 68 trillion dollars. In contrast, tokenized stocks on blockchain networks today account for only a tiny fraction of that amount. This massive gap highlights just how early the transition remains and how significant the upside could be if even a portion of traditional markets move onchain.

Bitcoin, Stablecoins, and Tokenization at the Core

Hougan emphasizes that Bitcoin’s role as both a store of value and a foundational crypto asset will continue to strengthen. At the same time, stablecoins are expected to become even more central to global payments, cross-border transfers, and financial infrastructure.

Tokenization is also gaining momentum, as real-world assets—from equities to bonds and beyond—are increasingly represented on blockchain networks. This trend is expected to unlock liquidity, improve settlement efficiency, and expand investor access on a global scale.

Beyond these core areas, Hougan points to the continued evolution of decentralized finance, digital identity systems, privacy technologies, prediction markets, and new forms of blockchain-native equities as additional growth engines.

High Growth Potential, But No Clear Winners Yet

Despite his strong conviction in the sector’s overall expansion, Hougan is cautious about predicting which blockchain networks will ultimately dominate. He notes that regulation, macroeconomic forces, technological execution, key industry decisions, and unpredictable external factors will all influence long-term outcomes.

Because of this uncertainty, Hougan favors broad market exposure over concentrated bets. Rather than focusing on individual networks, he allocates primarily through market-cap-weighted crypto index funds, reducing the risk of backing the wrong project in a rapidly evolving landscape.

Why Crypto Index Funds Could Gain Prominence After 2026

As crypto applications multiply and the ecosystem becomes more complex, Hougan believes index-based investment products will play a much larger role starting in 2026 and beyond. These instruments offer a way to participate in sector-wide growth while minimizing network-specific risk.

His view is clear: even in a market that could grow exponentially, diversification may be the most reliable way to capture long-term upside.

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This development places Bitcoin in a leading position within Harvard’s disclosed investment portfolio for the first time, overtaking one of the most traditional safe-haven assets in financial history.

iShares Bitcoin Trust Becomes Harvard’s Largest Position

Harvard’s Bitcoin exposure is primarily held through the iShares Bitcoin Trust, managed by BlackRock. As of September 30, the university’s position in the fund reached $442.8 million, making it its largest publicly disclosed holding. At the same time, Harvard also increased its gold ETF exposure by 99% to $235 million, yet Bitcoin received a substantially higher allocation.

The $443 million Bitcoin position represents about 0.75% of Harvard’s $57 billion endowment, placing the university among the top 20 institutional holders of BlackRock’s Bitcoin ETF.

Poor Timing: Market Correction Hits After Accumulation

Despite the scale of the investment, the timing has sparked debate. Shortly after Harvard expanded its Bitcoin position, the market entered a sharp correction. Since the end of the third quarter, Bitcoin has dropped by more than 20%, falling from around $114,000 to near $92,000.

Even under the most optimistic assumptions, Harvard’s recent purchases are estimated to be down roughly 14%, translating into an unrealized paper loss of about $89 million on the newest portion of the investment alone.

Academic Skepticism Meets Institutional Exposure

Harvard’s move stands in contrast to earlier views expressed by some of its own faculty members. In 2018, economist Kenneth Rogoff famously predicted that Bitcoin would be far more likely to trade near $100 than $100,000 within a decade. He has since acknowledged that his expectations were overly optimistic regarding regulatory developments.

Nevertheless, criticism has intensified. Environmental concerns, energy consumption, and Bitcoin’s lack of dividend yield remain among the most frequently cited objections from academic circles.

Bitcoin Outlook Remains Uncertain

Market sentiment around Bitcoin continues to weaken. Over the past five weeks, more than $2.7 billion has exited Bitcoin ETF products. Analysts highlight heavy selling pressure between $96,000 and $100,000, as many holders attempt to exit at break-even levels.

A sustained breakout above $100,000 could reignite momentum toward $120,000, while failure to do so may open the door for a deeper pullback toward the $82,000–$88,000 range.

This content is for informational purposes only and does not constitute investment advice.

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