Bitwise CEO: Bitcoin Drop Gives Institutions a 'New Crack of the Apple'

Bitwise CEO Hunter Horsley said the slide below $70,000 is being interpreted differently by long-time holders and institutional buyers. In a CNBC interview, he suggested long-term holders feel unsure while institutions are getting “a new crack at the apple,” with some seeing prices they thought they’d forever missed.

It was only in October that Standard Chartered’s head of digital asset research, Geoff Kendrick, said he didn’t expect Bitcoin to fall below $100,000 again. Horsley acknowledged the drop comes at an unusual moment amid efforts toward regulatory clarity and rising institutional interest.

Bitcoin was down 22.60% over the past 30 days and trading at $69,635 at the time of publication, and he said the market is in a bear phase, “getting swept up” with other macro assets as investors sell liquid positions. Gold and silver have also pulled back from recent peaks, with gold down 11.43% from its all-time high and silver off 35.95% from its record.