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Notable Investor Takes Profits from Bitcoin Position as Momentum Cools
Stephen Weiss, founder and managing partner at Short Hills Capital Partners, has disclosed that he booked profits from his investment in BlackRock’s iShares Bitcoin Trust. In an interview with CNBC’s “Halftime Report”, Weiss revealed that his trading plan was always to sell a portion of his position when Bitcoin’s momentum cooled.
Bitcoin’s Recent Performance
Bitcoin has been experiencing a decline in recent weeks, with its price dropping 7% over the past month and remaining 11% below its January peak. This decline has led Weiss to comment that “momentum dies”. Despite this, Tom Lee, head of research at Fundstrat and a Bitcoin supporter, remains optimistic about the cryptocurrency’s future, predicting a spot price of $250,000 in 2025.
Weiss took 20% off his position, but did not disclose the size of his position or the value of the profits. He did, however, confirm that it was still a positive trade.
Bitcoin’s Market Performance
Bitcoin’s price has been ranging between $90,000 and $100,000 in recent weeks, and some experts predict a 10% correction to $86,000 before it bottoms. This refers to the establishment of new support levels that assets use to bounce off.
Since the U.S. Securities and Exchange Commission approved BlackRock’s exchange-traded fund in January, more than $55 billion in investor capital has flowed into the iShares Bitcoin fund, making it the largest among the 12 Bitcoin funds in the Wall Street exchange-traded fund market.
Investors should be cautious and prepared for market volatility, but also be aware of the potential for long-term growth in the cryptocurrency market.
For the latest news and updates on Bitcoin and cryptocurrency, visit Global Crypto News.
