Bitcoin, after reaching 130,000 Dollar, may see a convergence of sell wall due to supply shortage, says Bitwise CEO.

## Will the selling pressure be resolved in the future?

Hunter Horsley, CEO of Bitwise, stated on the 11th that selling pressure for the cryptocurrency Bitcoin (BTC) would significantly decrease if it surpasses the $130,000 to $150,000 range. Currently, at the $100,000 level, some long-term holders are continuing to take profits, but he analyzes that after breaking through this new price range, the likelihood of this movement converging will increase.

He predicted that the demand for borrowing without selling the held Bitcoin will expand as a means of securing liquidity, thereby further promoting price increases. He pointed out that “the supply of Bitcoin is simply insufficient” and indicated a fundamental change in market structure.

Michael Saylor, the chairman of Strategy Company, also stated on Bloomberg TV on the 11th that “the bear market will never return” and reiterated his prediction that Bitcoin will reach 1 million dollars. He cited the U.S. government’s supportive stance on cryptocurrencies as a basis, explaining that the backing of President Trump and Treasury Secretary Scott is improving the market environment.

Regarding the market supply structure, Mr. Saylor emphasized that the current mining supply is only 450 BTC per day (approximately 7.2 billion yen). He analyzes that strategic purchases by ETFs and companies such as BlackRock are surpassing this natural supply, leading to a continued tightening of the supply-demand balance.

According to data from CryptoQuant, 550,000 BTC have flowed out of centralized exchanges from July 2024 to the present. The exchange’s holdings decreased from approximately 1.55 million BTC to 1 million BTC, indicating a significant contraction in market liquidity.

According to the behavior analysis of short-term holders by BiTBO, profit-taking sales continue because the current price exceeds the acquisition price. However, experts point out that a structural change in the entire cryptocurrency market is underway due to the shift of large and institutional investors toward long-term holding.

Source: BiTBO