Bitcoin’s slide below $70,000 is dividing market participants, according to Bitwise CEO Hunter Horsley. Long-time holders appear uneasy as prices slip, while a fresh class of buyers—institutions—seems to be getting another shot at entry at levels they once believed out of reach. In a CNBC interview on Friday, Horsley noted that the new investor set—institutions—are seeing prices they thought they’d forever missed. The pullback arrives as regulators push for clearer rules and as institutional interest remains visible through inflows to crypto products. The dynamics highlight how price, sentiment, and regulation are intertwining in a single, fast-moving market.

Key takeaways

• Bitcoin priced around $69,635 at publication, down about 22.6% in the last 30 days, signaling persistent downside pressure in a broad bear phase.
• Institutional demand remains robust, with Bitwise reporting more than $100 million in inflows on a single day as Bitcoin hovered near $77,000.
• Long-time holders appear uncertain about the path forward, while new buyers re-enter at elevated levels, underscoring a split between conviction and opportunity.
• Macro assets are moving in tandem with Bitcoin, with gold and silver retreating from their peaks, illustrating a broad risk-off tone across markets.
• Retail curiosity has spiked as searches for “Bitcoin” rose on Google Trends, while mainstream product inflows continued to surface.

Tickers mentioned: $BTC

Sentiment: Bearish

Price impact: Negative. The ongoing bear market and the price retreat imply continued headwinds for near-term momentum.

Market context: The price action comes as regulators pursue clearer rules for digital assets and institutions gradually increase exposure, with Bitcoin correlating with broader liquidity conditions and risk sentiment.

Why it matters

For investors who built positions during the earlier hype around crypto adoption, the current pullback tests the resilience of on- and off-ramp infrastructure and the staying power of institutional interest. The emergence of genuine demand from large buyers at higher price points suggests that the market could still attract capital even as prices soften, potentially laying groundwork for a more durable base if macro conditions stabilize.

From a market structure perspective, the divergence between cautious, long-hold participants and opportunistic institutional entrants could influence price discovery over the medium term. If inflows from institutional vehicles persist, they may counterbalance selling pressure from traders who favor liquidity and quick turns, contributing to a more two-sided market rather than a simple downtrend. This dynamic matters for exchanges, custodians, and other ecosystem participants, as steady liquidity and credible risk controls become critical to sustaining institutional confidence despite ongoing volatility.

What to watch next

• Keep an eye on Bitcoin’s price around the $70,000 level; a sustained hold could invite renewed risk-taking, while a break lower may accelerate exits from leveraged positions.
• Track daily institutional inflows into crypto products and funds, which can indicate whether the current interest is a temporary reentry or a longer-term shift in allocation.
• Monitor regulatory developments in major jurisdictions, as clearer guidelines could unlock additional deployment channels for institutions and funds.
• Watch retail sentiment indicators, including Google Trends data and other search signals, for signs of broader momentum beyond professional buyers.
• Observe ETF and product-flow dynamics into spot BTC offerings; continued inflows would reinforce the thesis of growing mainstream participation.

Sources & verification

• Horsley’s CNBC interview on Feb. 5, 2026, discussing institutional demand and price action.
• Bitcoin price data around $69,635 and the 30-day performance from CoinMarketCap: Bitcoin (BTC) on CoinMarketCap.
• Google Trends data showing heightened search interest for “Bitcoin” in the week starting Feb. 1: Google Trends.
• BlackRock spot Bitcoin ETF inflows reported in coverage from Cointelegraph: Cointelegraph.
• Bitwise fund size and inflows cited by Bitwise communications in the context of institutional demand: over $15 billion in assets under management and more than $100 million in inflows in a single session.

Bitcoin price action shows divergence between holders and new buyers

Bitcoin (CRYPTO: BTC) sits near $69,635 after slipping more than 22% over the past month, according to CoinMarketCap, a move that underscores a bear market in which liquidity and macro forces dominate the narrative. The decline arrives as the industry progresses toward regulatory clarity and as institutional interest remains visible in episodic bursts. In a CNBC interview, Bitwise CEO Hunter Horsley described a market split: long-time holders grow wary of the pace of downside, while institutions—previously priced out—are re-entering at levels they once believed out of reach, signaling a renewed but cautious appetite for exposure.

The conversation about Bitcoin’s next leg has a longer memory. Geoff Kendrick, head of digital asset research at Standard Chartered, had argued in October that Bitcoin wouldn’t likely fall below $100,000 again. That perspective highlights how fast-changing sentiment can reshape benchmark expectations, especially when macro conditions—ranging from liquidity to policy—pose competing forces. Horsley’s account aligns with a broader view: Bitcoin’s price action cannot be divorced from the macro backdrop, and the asset is currently being carried by the same tides that move risk assets in a climate of evolving regulation and central-bank liquidity.

Yet the narrative is not simply about price in isolation. Horsley emphasized ongoing demand from institutions, noting that Bitwise manages more than $15 billion for investors and witnessed well over $100 million in inflows on a single Monday when Bitcoin traded near $77,000. The message is clear: even as headlines and charts point to weakness, a steady stream of capital from sophisticated buyers remains a meaningful counterweight to selling pressure. The market’s liquidity—the ability to absorb a burst of selling without a sharp price collapse—continues to be a defining feature of this cycle, a feature that could ultimately determine whether this pullback establishes a durable base or merely prolongs volatility.

Macro assets offer a complementary lens on the current mood. Gold has retreated about 11.43% from its all-time high of $5,609, trading around $4,968, while silver has dropped roughly 35.95% from its peak of $121.67 to about $77.98. This broad decline across risk-on assets suggests a risk-off stance among investors, even as crypto-specific narratives persist. Google Trends data underscore that retail curiosity remains palpable: searches for “Bitcoin” spiked to a 12-month high during the week when the price dipped toward the $60,000 area, a level not seen since late 2024. At the same time, BlackRock’s spot Bitcoin ETF inflows—around $231.6 million on a single Friday—illustrate how mainstream interest continues to ebb and flow with volatility, underscoring the ongoing process of crypto-market maturation and broader adoption.

Looking ahead, the market appears to be negotiating the tension between momentum and prudence. The convergence of elevated institutional participation with persistent price fluctuations implies that Bitcoin could remain range-bound for a while longer, awaiting clearer catalysts. If macro conditions stabilize and regulatory signals sharpen, the probability of a more decisive move—up or down—could rise as new players re-evaluate risk, liquidity, and the strategic case for crypto exposure. The current data set paints a nuanced picture: a market increasingly steered by institutional conviction, even as price action continues to test the resolve of both bulls and bears.

Bitcoin’s drop below $70,000 is being seen very differently by long-time holders and institutional investors, according to Bitwise CEO Hunter Horsley.

“I think long-time holders are feeling unsure, and I think the new investor set, institutions are sort of getting a new crack at the apple,” Horsley said during an interview with CNBC on Friday. Horsley said that institutional buyers are “seeing prices they thought that they’d forever missed.” 

It was only in October that Standard Chartered’s head of digital asset research, Geoff Kendrick, said he doesn’t expect Bitcoin to fall below $100,000 again.

Bitcoin “getting swept up” with the rest of macro

Horsley acknowledged that Bitcoin’s (BTC) recent plunge comes at an unusual time, given the ramp-up in efforts toward regulatory clarity and growing institutional interest. Bitcoin is down 22.60% over the past 30 days, trading at $69,635 at the time of publication, according to CoinMarketCap.

Horsley said that Bitcoin is in a bear market and is “getting swept up” with the rest of the macroassets as investors are “selling everything that is liquid.”

“In the present moment, it is mostly trading with other liquid assets,” he said.

Gold has since fallen 11.43% from its all-time high of $5,609 on Jan. 28, trading at $4,968 at the time of publication, according to Trading Economics. 

Meanwhile, Silver has fallen 35.95% from its all-time high of $121.67 on Jan. 29, trading at $77.98 at the time of publication.

Horsley points to strong inflows from institutions

Horsley said demand for Bitcoin remains strong, particularly from institutional investors.