Bitcoin Under $70K Created Buy Opportunity: Bitwise CEO

Bitcoin reclaimed the $71,000 level after dipping below $70,000 last week, a move that Bitwise CEO Hunter Horsley said offered institutions a rare chance to enter the market.

On February 6, Horsley told CNBC that the price slide represented a “once-in-a-lifetime” entry point for major investors who thought they had passed their opportunity to buy the cryptocurrency.

The price gain suggests that buyers stepped in during the dip. Bitwise reported almost $100 million in inflows this past week when the price began to fall. This suggests that institutional investors often use price weakness to build long-term positions.

Bitcoin Rebounds Quickly 

At the time of publication, BTC is trading at $71,234, rising by 2.87% from the previous day, according to TradingView. “I think the long-term owners are uncertain, and I think the new owners (institutions) have gotten another bite at the apple,” Horsley stated. 

The Bitwise Chief Executive Officer went on to explain that many large investors had anticipated that BTC would stay firmly above $100,000. Their expectation followed the late-2025 price surge.

As the recent correction hit, many of those same investors felt that lower prices would never return. The subsequent price slide below the $70,000 mark made them reconsider their position. But now institutions have an opportunity to own more of the coin.

Source: TradingView

Also Read | Bitcoin Stabilizes at $68,000 as ETF Outflows Trigger Crypto Rebound

Institutional Appetite Remains Robust

While institutions may face challenges from volatility in the near term, the interest remains high. Horsley reiterated that the transaction volume during the price slide clearly demonstrated that institutions were interested in buying and selling BTC. 

“There’s lots of volume, and there’s people that want to sell and people that want to buy,” he added. Horsley also acknowledged that the recent dip in Bitcoin price was due to a larger-than-normal selloff in risk assets.

As investors de-risked their portfolios, risk assets globally experienced significant declines. Precious metals, including gold and silver, saw sharp declines from recent highs, similar to what occurred in BTC. “In the current climate, Bitcoin is largely being traded with other liquid asset classes,” he stated.

ETF Flows and Retail Sentiment Show Returning Confidence

Retail sentiment appears to be returning again as prices continue to rise. Google Trends data show global searches for “Bitcoin” reached a 12-month peak between February 1 and 8.

This indicates that declining prices have increased the interest of the retail community in Bitcoin. BlackRock’s spot Bitcoin ETF saw $231.6 million in flows on February 6 after experiencing two consecutive days of outflows. This also showed that large investors viewed the price slide as an opportunity to purchase the asset.

Why It Matters

Bitcoin’s move above $71,000 indicates that institutions purchased the coin as the price declined and reinforces their long-term demand for Bitcoin.

Also Read | Bitcoin (BTC) Search Interest Hits One-Year High Following Sharp Price Decline