American investor Steve Weiss has further reduced his Bitcoin exposure due to the asset’s range-bound price movement.
Speaking as a contributor on CNBC’s “Halftime Report,” Weiss revealed another round of profit-taking from his Bitcoin (BTC) position via BlackRock’s spot exchange-traded fund, as financial markets navigate macro-driven volatility.
Weiss, founder and managing partner of Short Hills Capital Partners, said he cut his Bitcoin exposure by an additional 10%, following last week’s 20% sell-off. The size of his position remains unclear, but he previously described his Bitcoin investment as a “positive trade.”
The investor cited uncertainty in financial markets, likely due to trade wars and tariffs imposed by the Trump administration. He noted that crypto markets have stalled in this environment and require a catalyst for their next move. He stated:
Bitcoin is a risk asset. We saw that in the premarket when futures went up and now it’s down… It goes through these consolidation periods and i think this could be one of these period, until we get specific laws/regulations from the new head of the SEC.
Mark Uyeda, acting chair of the U.S. Securities and Exchange Commission, declared the agency’s intention to dispel crypto regulatory confusion and work with the industry to clarify rules. While still in the early days of the Trump era, Uyeda’s SEC has launched a dedicated Crypto Task Force and overhauled the commission’s crypto crime-fighting unit.
The securities watchdog also ended litigation against Coinbase, OpenSea, and Robinhood. Many expect the SEC will officially drop its case against Binance as well.
Elsewhere in crypto markets, Bitcoin dropped under $95,000, down nearly 2% in 24 hours as of press time. The broader crypto market also shed value, falling to about $3.2 trillion. A note shared by Ryan Lee, chief analyst at Bitget Research, identified two key levels for a possible uptrend or more downside.
Bitcoin is trading around $96,000 as of February 24, 2025, with a projected range of $92,000 to $105,000 this week. Its movement largely depends on whether it can break past the $100,000 resistance or retrace to $94,000 support. Technical indicators present mixed signals, with short-term bullish momentum clashing with longer-term market uncertainty.
Ryan Lee, chief analyst at Bitget Research
Read the full article here