Bitwise CIO: Early investors are selling BTC to institutions

The current sell-off in Bitcoin is being driven by early investors, leading to a changing of the guard in the market, said Bitwise Chief Investment Officer Matt Hougan in an interview with Bloomberg TV. He explained that while Bitcoin was previously held mainly by retail investors, the recent net buyers are financial advisors, family offices, and institutions, who are mostly long-term investors. According to Hougan, retail investors are currently selling faster than institutions are buying, a situation that institutions view as an opportunity. He also noted that many of the original investors remain believers in Bitcoin, viewing the market in four-year cycles and simply wanting to realize some profits while largely staying invested.