PANews February 24 News, according to Cointelegraph, EMJ Capital founder Eric Jackson stated that current Bitcoin ETF investors are experiencing “institutional exit,” but this is not the end of the Bitcoin bull market, rather a “purification” process. In the future, long-term capital held by sovereign wealth funds, corporate treasuries, and pension funds will take over for decades.
Jackson pointed out that since the 2021 bull market, institutions have become the “marginal buyers” in the current crypto cycle, while retail investors have flocked into tech stocks. Bitcoin is currently declining in tandem with the iShares Expanded Tech-Software Sector ETF (IGV), acting more like a “high-beta tech position with a different label” rather than a store of value. Spot Bitcoin ETFs continue to see net outflows, and combined with Bitcoin’s decline since October last year, market sentiment has worsened. However, he believes that after each cycle eliminates weaker players, longer-term capital replaces them. The next phase will involve sovereign wealth funds, corporate treasuries, and pension capital, which do not rebalance quarterly, are unrelated to IGV, and hold assets for decades rather than cycles. Jackson stated that the key bullish signals will be the recovery of stablecoin supply and the end of IGV selling pressure.
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