- Bitwise CEO Hunter Horsley notes a divergence in market sentiment, with long-time holders feeling unsure while institutions see a buying opportunity.
- Bitcoin is currently trading in sync with other liquid macro assets like Gold and silver amid a broad market sell-off.
- Despite the price drop, institutional demand remains strong, with Bitwise seeing over $100 million in inflows in a single day this week.
Bitwise CEO Hunter Horsley provided a nuanced view of Bitcoin’s recent price decline during a CNBC interview on Friday, highlighting a stark contrast in investor psychology. He stated that while long-time holders are feeling unsure, institutional investors are “seeing prices they thought that they’d forever missed.”
Consequently, Horsley acknowledged the downturn is unusual given growing regulatory clarity and institutional interest. Bitcoin is down 22.60% over the past month, trading around $69,635. He described Bitcoin as “getting swept up” with other liquid macroassets in a bear market.
Meanwhile, traditional safe havens have also retreated sharply from recent highs. Gold has fallen 11.43% from its peak, according to Trading Economics. Silver has experienced an even steeper decline of 35.95% from its all-time high.
However, Horsley pointed to resilient institutional demand as a counterbalance. Bitwise, which manages over $15 billion, saw more than $100 million in inflows on Monday alone. Retail curiosity has also surged, with worldwide Google searches for “Bitcoin” hitting a 12-month high, data shows. This activity underscores Horsley’s observation that “there’s a lot of volume, and there are sellers and buyers.”
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