The tweet was deleted by the author.
But we saved everything 🙂.
James Van Straten highlights that if Bitcoin drops back to $60,000, more than 10 million BTC would be underwater, representing over 50% of total supply. Historically, such levels have marked the bottom of every bear market.
This situation would include about 500,000 additional coins that were purchased after the February lows within this price range. Van Straten also points to the role of institutional adoption, though the tweet cuts off before elaborating further.
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Van Straten previously highlighted a major Bitcoin purchase of 22,305 BTC during a bear market, ranking among the largest disclosed acquisitions. In a separate note, he expected a minimum 25 basis point rate hike from the Bank of England. Both remarks drew attention to significant moves by institutional participants.