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Opinion: Long-term capital will take over Bitcoin, and the current selling pressure mainly comes from ETF allocators exiting their positions.
On February 24, EMJ Capital founder Eric Jackson stated that despite ongoing institutional fund withdrawals, 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 of several decades. Jackson believes that Bitcoin has become a “high beta position” linked to tech stocks. The current selling pressure mainly comes from ETF allocators exiting, but this is not the end of Bitcoin’s narrative; rather, it is a restructuring of its holding structure. He predicts that as stablecoin supply rebounds and the IGV selling pressure subsides, Bitcoin is likely to regain upward momentum.