Key Points
- Stephen Weiss, a prominent investor, has sold his Bitcoin position through BlackRock’s iShares ETF.
- Despite the sale, Weiss maintains a positive outlook on Bitcoin, even as the cryptocurrency’s momentum slows.
Stephen Weiss, the founder and managing partner at Short Hills Capital Partners, recently revealed that he has divested a portion of his Bitcoin holdings through BlackRock’s iShares Bitcoin Trust.
Weiss’s strategy was to sell part of his Bitcoin position once the cryptocurrency’s momentum began to wane. He executed this plan when Bitcoin was trading below $45,000, coinciding with the approval of a dozen spot Bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission (SEC).
Bitcoin’s Performance and Weiss’s Strategy
Bitcoin hit a record high of $108,786 on January 20, more than doubling its price from the previous year. The SEC approved BlackRock’s exchange-traded fund in the same month. Since then, the iShares Bitcoin fund has attracted over $55 billion in investor capital, making it the largest of the 12 Bitcoin funds in the Wall Street exchange-traded fund market.
Weiss stated, without disclosing the exact size of his position or the value of the profits, that he reduced his position by 20%, but still views the trade positively.
Bitcoin’s Future Outlook
Bitcoin has seen a 7% decline over the past month and is still 11% below its January peak. This has led Weiss to suggest that Bitcoin’s “momentum dies”. However, after weeks of fluctuating between $90,000 and $100,000, a 10% correction to $86,000 may occur before Bitcoin finds its new support level.
Tom Lee, the head of research at Fundstrat and a Bitcoin enthusiast, downplays any potential drops and market volatility. Lee forecasts a $250,000 spot price for Bitcoin in 2025.
