Bitcoin Investor Stephen Weiss Makes a Move as Momentum Takes a Nap!

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In a world where fortunes are made and lost faster than you can say “cryptocurrency,” notable investor Stephen Weiss has decided to take a little profit from his Bitcoin position, courtesy of BlackRock’s iShares ETF. Because why not? After all, who doesn’t love a good financial rollercoaster? 🎢

Weiss, the grand poobah of Short Hills Capital Partners, graced CNBC’s “Halftime Report” with his presence, announcing that he had booked profits from his investment in BlackRock’s iShares Bitcoin Trust. It’s like saying he took a slice of cake before the party ended—always a wise move when the cake is made of digital gold! 🍰

Now, Weiss, being the savvy trader that he is, revealed that his grand plan was to sell a portion of his position when Bitcoin’s momentum decided to take a little snooze. At the time, Bitcoin was lounging below $45,000, just as the Securities and Exchange Commission decided to approve a dozen spot Bitcoin exchange-traded funds. Talk about a party crasher! 🎉

Bitcoin, that fickle friend, had reached a dizzying height of $108,786 on January 20, more than doubling its price from the previous year. It’s like watching a balloon float up, up, and away—until it pops! 🎈

Since the SEC gave BlackRock’s exchange-traded fund the thumbs up in January, a staggering $55 billion in investor capital has poured into the iShares Bitcoin fund, making it the biggest fish in the Bitcoin pond. Who knew fish could swim in such deep waters? 🐟

“I took 20% off my position… It’s still a positive trade,” Weiss told CNBC, while conveniently omitting the size of his position or the value of his profits. Because, you know, some secrets are best kept under wraps, like grandma’s cookie recipe! 🍪

However, Bitcoin has taken a bit of a tumble, declining 7% over the past month and remaining 11% below its January peak. Weiss, with a flair for the dramatic, declared that its “momentum dies.” Sounds like a Shakespearean tragedy waiting to happen! 🎭

After weeks of frolicking between $90,000 and $100,000, a 10% correction to $86,000 might be on the horizon before Bitcoin finds its new comfy spot. Bottoms, in this case, refer to new support levels that assets establish to bounce off—like a trampoline for financial acrobatics! 🤸‍♂️

Tom Lee, the head of research at Fundstrat and a Bitcoin cheerleader, downplayed any potential drops and market volatility. His crystal ball predicts a $250,000 spot price for Bitcoin in 2025. Because who doesn’t love a good prediction? It’s like fortune-telling, but with numbers! 🔮

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2025-02-19 23:49