Scaramucci Sees Bitcoin Rebound Above $100k Amid Changing Ownership

Anthony Scaramucci, founder of SkyBridge Capital, says that Bitcoin's $100,000 level was a key exit point for some early holders who had been holding their coins for 10 to 15 years. According to him, these 'OG' Bitcoin holders viewed $100,000 as a personal target and chose to realize gains when the price reached that area, adding supply to the market.

Scaramucci also pointed out that expectations of an uninterrupted 'super cycle' may have contributed to a sharper correction rather than a permanent change in Bitcoin's long-term trajectory. He estimates the current drawdown at roughly 55%, compared with historical downturns of about 75% to 80%.

The selling dynamics are unfolding alongside a changing ownership base, with institutions, financial advisers, and family offices adding Bitcoin to their portfolios. Standard Chartered has maintained a $100,000 year-end target for Bitcoin, describing lower prices as an attractive accumulation zone.