Who Sells Bitcoin? Billionaire Investor Interpreted the Market Balance - Coin Bulletin

Bitcoin (BTC), despite surpassing $100,000 in the CME Futures market, is unable to decisively surpass this critical level in the spot market.

Galaxy Digital CEO and billionaire investor Mike Novogratz evaluated the reasons behind this selling pressure. According to Novogratz, participants who invested over $56,000 in Bitcoin in 2024 are creating selling pressure in the market by profiting from price increases.

Novogratz, based on Galaxy Research data, thinks that a large part of the current selling pressure comes from profit-taking. While this is a common behavior in the markets, he points out that it is not just profit-taking that is putting pressure on prices.

Novogratz, stating that a large portion of the investors who have entered the market in recent weeks are long-term investors (HODLers), says that this group tends to hold their assets despite short-term price fluctuations. This leads to less supply in the markets and according to Novogratz, creates a positive trend for Bitcoin in the long term.

The market is trying to find balance

Another reason why Bitcoin cannot reach the $100,000 level is the psychological barrier created by such large numbers. Novogratz points out that these levels trigger both aggressive selling and cautious buying, making it difficult for the market to find balance.

Additionally, despite billions of dollars worth of Bitcoin trading in recent weeks, it is noted that the supply-demand balance has not changed to move the price above 100,000 dollars. Although it is stated that the profit-making strategies of institutional investors could contribute to this situation, Novogratz believes that broader and more complex market dynamics are also influential.

Novogratz says that markets generally consolidate at these critical turning points and stabilize before surpassing these levels. Novogratz, who points out that new buyers regularly absorb the supply in the market, believes that Bitcoin's future path will be shaped by sustainable, organic growth.