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Amid various rumors surrounding Bitcoin’s (BTC) decline, Bitwise Chief Investment Officer (CIO) Matt Hougan claimed on X that the real cause is the reduction of exposure by long-position holders. He pointed out that conspiracy theories targeting specific firms such as Binance, Wintermute, overseas hedge funds, and Jane Street are “wild” and merely repeat themselves each week with different names attached.
He explained that in reality, long-term investors have been reducing their Bitcoin exposure through spot selling, liquidation of leveraged positions, and covered call selling, which has increased downward pressure on prices. As background factors for the selling, he cited the four-year market cycle, concerns over quantum computing, and capital shifting toward artificial intelligence (AI) startups.
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