Notable Investor Takes Profits from Bitcoin Position

Notable investor Stephen Weiss took profits from his Bitcoin position via BlackRock’s iShares ETF.

Weiss, founder and managing partner at Short Hills Capital Partners, disclosed his trades during an appearance on CNBC’s “Halftime Report.” He mentioned that he booked profits from an investment in BlackRock’s iShares Bitcoin Trust.

Weiss explained that his trading plan always included selling a portion of his holdings when Bitcoin’s momentum cooled. At the time of his sale, Bitcoin was trading below $45,000, following the SEC’s approval of a dozen spot Bitcoin exchange-traded funds. The cryptocurrency had reached an all-time high of $108,786 on January 20, doubling its price from the previous year.

In January, the U.S. Securities and Exchange Commission approved BlackRock’s exchange-traded fund, which has since attracted over $55 billion in investor capital, making it the largest among the 12 Bitcoin funds on Wall Street.

“I took 20% off my position… It’s still a positive trade,” Weiss stated, without revealing the size of his initial position or the profits garnered.

Bitcoin has declined 7% over the past month and remains 11% below its January peak, as Weiss noted that its “momentum dies.” After fluctuating between $90,000 and $100,000, a correction down to $86,000 may happen before Bitcoin finds a new bottom. This term refers to the new support levels that assets establish.

Tom Lee, head of research at Fundstrat and a Bitcoin supporter, downplayed potential drops and volatility, predicting a Bitcoin price of $250,000 by 2025.

Read more: Bitcoin headed to $250k, says Fundstrat’s Lee