Bitwise Advisor Says Bitcoin Sell-off Not Due to MSTR Sale, But to Fund Hot Trades Like SpaceX
Bitwise advisor Jeff Park stated that he does not believe the current sell-off of Bitcoin is due to Strategy (MSTR) selling Bitcoin.
Jeff Park believes that Bitcoin is more likely being used to fund upcoming hot trades in the market, such as SpaceX, Anthropic, and other assets that investors suddenly "must hold."
This dynamic suggests that the breakdown of correlation itself will become new market fuel, driving the reallocation of funds from Bitcoin to overvalued emerging assets.
Source: Public Information
ABAB AI Insight
Jeff Park, as a Bitwise advisor, has previously analyzed the relationship between Bitcoin as "digital gold" and institutional capital flows, pointing out on multiple occasions that changes in holdings by companies like MSTR are not the main cause of Bitcoin price movements, but rather the result of macro liquidity and narrative shifts.
On the capital path, large investors are locking in profits by selling part of their Bitcoin reserves and shifting towards high-growth targets like the SpaceX IPO and new financing rounds for Anthropic, forming a "sell old assets, buy new narratives" rotation strategy to capture explosive opportunities in AI and aerospace infrastructure.
This phenomenon is similar to how Bitcoin shifted from the DeFi craze to NFTs and the metaverse in 2021, and also resembles the transition of institutions from BTC to ETH spot ETFs in 2023-2024. The market is currently in a transitional phase where the correlation between Bitcoin and emerging tech assets is weakening.
Essentially, this represents a transfer of pricing power: Bitcoin is transitioning from a single "safe-haven + appreciation" asset to a liquidity provider, as its high liquidity makes it the best "capital warehouse," concentrating capital from mature crypto assets to unlisted AI/aerospace unicorns, breaking traditional correlations to release new pricing space.
ABAB News · Law of Cognition
Bitcoin is not being abandoned, but is being used as ammunition; truly smart money ignites new narratives with old assets.
When correlation breaks, it is the birth of new fuel; the market is always looking for the next rocket after the old fuel runs out.
Selling verified assets and buying into "must-hold" stories; the essence of capital rotation is the permanent transfer of pricing power from holders to storytellers.