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CoinWorld News, on February 24, EMJ Capital founder Eric Jackson stated that despite the ongoing withdrawal of institutional funds, Bitcoin is experiencing a "purification." Short-term speculators are gradually being eliminated, replaced by long-term capital such as sovereign wealth funds, corporate treasuries, and pension funds with holding periods spanning decades. Jackson believes that Bitcoin has become a "high beta position" linked to tech stocks, and the current selling pressure mainly comes from ETF allocators exiting their positions. However, this is not the end of Bitcoin's narrative but rather a restructuring of its holding structure. He predicts that as the supply of stablecoins rebounds and the IGV selling pressure subsides, Bitcoin is expected to regain upward momentum.