Matt Hougan, the chief investment officer at Bitwise, said on Thursday that the ‘real reason’ Bitcoin (BTC) is down is not Binance, Wintermute, or Jane Street. It’s because too many traders who were long Bitcoin sold their BTC exposure. “They sold it via spot, they sold it by unwinding leveraged positions, and they sold it by writing calls against their Bitcoin,” he wrote in a post on X. “They sold because of the four-year cycle and because of quantum fears and because they wanted to invest in AI start-ups and for other reasons.” {tweet} Bitcoin’s price climbed back over $68,000 on Friday morning, down just 0.2% in ... (full story)