Prominent investor Stephen Weiss has cashed in on his Bitcoin holdings through BlackRock’s iShares Bitcoin Trust. Speaking on CNBC’s Halftime Report, Weiss, the founder and managing partner of Short Hills Capital Partners, confirmed that he had sold a portion of his Bitcoin position after the cryptocurrency’s recent price surge.
Weiss explained that his strategy had always been to sell a part of his Bitcoin holdings once its momentum showed signs of slowing down. At the time of his sale, Bitcoin was trading below $45,000, shortly after the U.S. Securities and Exchange Commission (SEC) approved a range of Bitcoin exchange-traded funds (ETFs). The cryptocurrency had reached a record high of $108,786 on January 20, more than doubling its price from the previous year.
In January, the SEC approved BlackRock’s Bitcoin ETF, which has since attracted more than $55 billion in investor capital, making it the largest among the 12 Bitcoin-focused funds now available on the market. While Weiss did not disclose the exact value of his sale or the size of his position, he confirmed that he had liquidated 20% of his holdings, describing the trade as “positive.”
Despite Bitcoin’s impressive rally earlier this year, the cryptocurrency has faced a decline of 7% over the past month, and it remains 11% below its January peak. Weiss noted that the asset’s “momentum dies,” suggesting that Bitcoin could experience further corrections. He anticipates a potential drop to $86,000 before the cryptocurrency finds new support levels.
Meanwhile, Tom Lee, the head of research at Fundstrat and a long-time Bitcoin supporter, remains optimistic about the asset’s future. Lee has projected a Bitcoin price target of $250,000 by 2025, downplaying the potential for significant short-term volatility.
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