Despite reaching the $100,000 mark on CME Futures, a stubborn sell-off has kept Bitcoin (BTC) from breaking decisively above that level on spot markets. Mike Novogratz, the billionaire investor and CEO of Galaxy Digital, has shared some thoughts on what might be driving this selling pressure.
Based on his opinion on Galaxy Research’s data, the billionaire says a lot of it is down to 2024 buyers who got in at prices above $56,000. It looks like these market participants are just taking profits, which is pretty standard market behavior, Novogratz is convinced.
It seems that there is more to it than just people taking profits. Novogratz also pointed out that a lot of the recent buyers — especially over the past two weeks — are long-term holders, not short-term traders. This group, often called “HODLers,” tends to hold onto their assets through price swings, which helps keep things stable.
As a result, there is less and less supply available, which Novogratz believes is a positive long-term trend for the cryptocurrency.
Galaxy Research @intangiblecoins telling me that most of the selling is coming from 2024 buyers who bought above 56k.. normal profit taking…
I still think new buyers are gonna HODL and eating through supply is long term healthy.
— Mike Novogratz (@novogratz) November 24, 2024
Even so, there are still some unanswered questions. For weeks now, billions of dollars’ worth of Bitcoin have been traded, but the supply-demand balance has not shifted enough to push prices over the six-figure mark in spot trading.
While some of the selling activity might be due to institutional profit-taking strategies, the scale of recent activity suggests there are broader, more complex market forces at play. Large round numbers, like $100,000, often act as psychological barriers on markets, attracting both aggressive selling and cautious buying.
For Novogratz, this is not a complete surprise. Markets often consolidate near significant milestones before breaking higher. With new buyers consistently absorbing supply, Novogratz is cautiously optimistic that Bitcoin’s path forward will be shaped by steady, organic growth rather than unsustainable spikes.
