en.bitcoinsistemi.com
As the decline in Bitcoin prices continues, Fred Thiel, Chairman and CEO of MARA Holdings (Marathon Digital), described the current situation as “a healthy pullback in the market.”
Thiel noted that Bitcoin peaked at around $126,000 earlier in the year but has since fallen by over 30%, yet his performance outlook for the coming year remains strong.
According to Thiel, the key level in the short term is the $84,000 range. He notes that this region coincides with the “break-even point for most Bitcoin ETF purchases,” suggesting that large investors might want to defend their positions; however, a drop below this level could lead to further selling pressure from ETFs towards liquidity.
The MARA CEO emphasized that Bitcoin’s price dynamics are closely related to “global liquidity.” While stating that a risk-off sentiment in the market can put pressure on liquidity-sensitive assets like Bitcoin, he suggested that the end of quantitative easing (QT) and the resulting signs of renewed easing, along with a weakening dollar, could be supportive for Bitcoin.
In the program, Thiel answered the question “Why is there weakness in cryptocurrencies while stocks remain strong?” by pointing to the unwinding of leverage, particularly in the derivatives market. He interpreted the decline in open positions from roughly $90 billion to around $30 billion as “the wind taking its toll on the market,” arguing that some investors were exiting Bitcoin and moving into other assets, which could amplify the divergence.
On the other hand, Thiel stated that there has been a significant shift in traditional finance’s approach to crypto in the medium to long term. He noted that about 14-15 months ago, major banks in the US were hesitant to work with crypto companies, but today, banks, including JPMorgan, are taking various steps related to crypto; and that activity is increasing in areas such as asset tokenization. He added that this transformation could pave the way for the widespread adoption of new products around the Bitcoin and crypto ecosystem over time.
*This is not investment advice.