Bitwise CIO Matt Hougan expects Bitcoin to finish the year significantly higher.
"Bad news has stopped moving the market,” Hougan said. "The sellers are gone. When bad news stops moving the market, that marks the bottom," he added.
Hougan also argued that institutional exposure to Bitcoin has continued to grow.
According to the Bitwise executive, the amount of Bitcoin allocated by institutions under a conventional 1% portfolio-allocation framework has effectively risen to between 4% and 5%.
Bitcoin’s largest holders are accumulating again
In the meantime, data from blockchain analytics platform Santiment shows that the number of wallets holding at least 10,000 $BTC is rebounding to a six-month high.
According to Santiment, 90 wallets now hold at least 10,000 $BTC, representing a net increase of six such wallets over the past eight weeks, or a 7.1% rise.
At the same time, smaller wallets have been losing their share of Bitcoin’s supply during August. Santiment attributed some of the resulting retail pessimism to concerns surrounding the recent Coldcard hacks and delays surrounding the Clarity Act.
