Hunter Horsley believes BTC holders are shifting from selling to securing wealth.
Bitcoin may be on the verge of a major behavioral shift — not just in price movement, but in how investors treat the asset itself. According to Bitwise CEO Hunter Horsley, Bitcoin’s recent price action hints at an inflection point: once BTC breaks into the $130K–$150K range, selling could dry up significantly as more holders adopt a long-term ownership mindset.
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🧭 Key Takeaway: $130K Is the Psychological Turning Point
In a recent post, Horsley explained that once Bitcoin moves past its previous all-time highs and enters six-figure territory, many long-time holders may no longer feel pressure to sell. Instead, they'll begin viewing their BTC as long-term capital — similar to how high-net-worth individuals treat blue-chip assets or gold.
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📉 On-Chain Signals: BTC Is Leaving Exchanges
Blockchain data supports this thesis. Since early 2025:
Bitcoin balances on centralized exchanges have dropped by 14%
Only 2.5 million BTC remain on exchanges — the lowest level since August 2022
This trend suggests that more BTC is being moved into cold storage and long-term custody, reducing short-term supply and sell pressure.
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🏦 Institutional Holders Are Thinking in Years, Not Months
Institutions such as BlackRock, Fidelity, MicroStrategy, and Metaplanet now hold billions of dollars worth of BTC. These organizations are not focused on quick flips — they view Bitcoin as part of multi-year investment strategies. Their steady hands contribute to market stability and reinforce Horsley's long-term outlook.
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🔁 New Trend: Borrowing Instead of Selling
As Bitcoin's price rises, so does its value as collateral. Crypto lending platforms now offer BTC-backed loans, enabling holders to unlock liquidity without selling their coins.
According to data from Bitbo:
Long-term holders (155+ days) are up ~215%
The average entry price for these holders is $34,414
Many are choosing to borrow against their BTC, not liquidate it
This borrowing behavior further reduces available supply and strengthens the case for a potential supply-side squeeze.