Ryan Watkins: Long-term Bitcoin holders are selling, the crypto market is in a “twilight zone”, and low expectations could lead to positive surprises
The post Ryan Watkins: Long-term Bitcoin holders are selling, the crypto market is in a “twilight zone”, and low expectations could lead to positive surprises appeared on BitcoinEthereumNews.com.
Long-term Bitcoin holders are selling, signaling a shift in market dynamics and investor sentiment. Key Takeaways Long-term Bitcoin holders are starting to sell after years of holding, impacting market dynamics. The crypto market is in a “twilight zone”, a transitional phase with contradictions in sentiment. Divergence in crypto sentiment is influenced by the 2021 bubble’s impact on different market participants. The industry is shifting from a speculative economy to a more productive one. Expectations for the crypto market in 2026 are low, contrasting with the high expectations of 2025. Structural issues in tokens have led to a disconnect between price and fundamental value. Current low expectations in crypto create high potential for positive surprises. Regulatory and institutional changes are fostering innovation in crypto. Broader integrations of crypto into social media and financial services are anticipated. The crypto economy will increasingly benefit a smaller number of leading players and incumbents. Large financial institutions and web two companies are launching competing products in the crypto space. Dollar debasement has been a significant narrative influencing Bitcoin’s price action. Guest intro Ryan Watkins is the co-founder of Syncracy Capital, a thesis-driven hedge fund making high-conviction investments in the secular winners of the crypto economy. Prior to founding Syncracy, he served as a Senior Research Analyst at Messari, where he was one of the first analysts to explore and explain emerging on-chain data. His data-driven research, including theses on Solana and Hyperliquid, informs Syncracy’s long-term bets in crypto. The behavior of long-term Bitcoin holders Long-term Bitcoin holders are finally selling after years of holding through drawdowns. “There’s been an enormous amount of selling from kind of the OG bitcoiners throughout this period” – Ryan Watkins Many wallets that didn’t touch their Bitcoin for ten to twelve years are now selling. This selling behavior is impacting…
Filed under: News - @ February 4, 2026 12:28 am