Bitcoin’s (CRYPTO: BTC) tame reaction to a $100 million cold storage hack has prompted market observers to argue that institutional adoption, ETFs and changing custody habits have made it less sensitive to industry-specific shocks.
“All the sellers have left“
In an interview with Scott Melker on Aug. 4, Bitwise executives Matt Hougan and Ryan Rasmussen, alongside Arch Public CEO Tilman Holloway, discussed Bitcoin’s stability despite uncertainty in broader markets.
“Most new entrants to Bitcoin are getting exposure through the ETFs or through a centralized exchange,” Rasmussen said, arguing that a smaller percentage of the market is directly affected by self-custody failures than in previous cycles.
Hougan described the price reaction as another sign that Bitcoin may be nearing the end of its bear market cycle.
