According to Odaily, Bitwise Chief Investment Officer Matt Hougan has expressed concerns over the past year's Bitcoin investment scenario. He pointed out that various mechanisms have artificially advanced future demand, with Grayscale GBTC being the primary culprit. As hedge funds carried out premium transactions, GBTC brought forward billions of dollars in future demand.
Other mechanisms, including the bankruptcy of Mt.Gox and the confiscation of Bitcoins from Silk Road, have also played a role. These 'lockboxes' have kept Bitcoin prices higher than those in the free-flowing market, which was beneficial. However, these assets are now being unlocked, thanks to ETFs and the passage of time. As a result, Bitcoin must attract billions of dollars in new demand to maintain its current status.
Hougan added that the market has already eliminated most of the pending issues, such as the stabilization of GBTC assets. However, not all pending issues have been resolved, resulting in pressure on today's cryptocurrency market.