Bitcoin Market Crash Caused by Long-Term Holders Selling at $100,000

SkyBridge Capital founder Anthony Scaramucci revealed that long-term Bitcoin holders who had held positions for 10-15 years sold en masse when the price reached $100,000.

This triggered a cascade of selling, according to Scaramucci, which contributed to last year's market crash. He noted that some market participants were expecting a Bitcoin 'supercycle', while others believed in the traditional four-year cycle.

The expectations of rising prices turned into a self-fulfilling prophecy and set off a cascade, Scaramucci said.