Bitcoin ’s move below the $70,000 level is being interpreted very differently by long-term holders and institutional investors, according to Bitwise chief executive Hunter Horsley. Contrasting Investor Reactions “I think long-time holders are feeling unsure, and I think the new investor set, institutions are sort of getting a new crack at the apple,” Horsley said in an interview on Friday. Horsley added that institutional buyers are “seeing prices they thought that they’d forever missed,” reflecting renewed interest after recent market weakness. Only months earlier, expectations had been far more bullish, with predictions that Bitcoin would not revisit significantly lower levels. Macro Pressures Weigh On Markets Horsley acknowledged that Bitcoin’s recent decline has occurred during a period of increasing regulatory clarity and expanding institutional participation. Bitcoin has fallen more than 22% over the past month, trading around $69,635 at the time of reporting, amid broad-based selling across liquid assets. He described the current environment as a bear market, saying Bitcoin is “getting swept up” alongside other macro-sensitive investments. “In the present moment, it is mostly trading with other liquid assets,” Horsley said. Broader Asset Weakness The pullback has not been limited to cryptocurrencies, with gold and silver also retreating sharply from recent highs amid tighter financial conditions. These moves have reinforced the perception that investors are reducing exposure to risk and liquidity wherever possible. Institutional Demand Remains Firm Despite price volatility, Horsley stressed that institutional demand for Bitcoin remains strong, supported by consistent inflows into managed products. He noted that Bitwise oversees more than $15 billion in institutional assets and recorded over $100 million in inflows on a single day during recent trading. “There’s a lot of volume, and there are sellers and buyers,” Horsley said, pointing to active two-way participation in the market. Retail curiosity has also surged, with online search interest spiking as prices revisited levels not seen since late 2024.
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