EMJ Capital Founder: Long-term capital will take over Bitcoin, and the current selling pressure mainly comes from the exit of ETF allocators

EMJ Capital founder Eric Jackson stated that despite the ongoing withdrawal of institutional funds, Bitcoin is undergoing a "purification." Short-term speculators are gradually being eliminated, replaced by long-term capital such as sovereign wealth funds, corporate treasuries, and pensions that hold for decades.

Jackson believes that Bitcoin has become a "high beta position" correlated with tech stocks, and the current selling pressure mainly comes from the exit of ETF allocators. However, this is not the end of the Bitcoin narrative, but rather a restructuring of the holding structure. He expects that as the supply of stablecoins rebounds and the selling pressure from IGV ends, Bitcoin is likely to regain upward momentum.