Despite Bitcoin (BTC) reaching $100,000 on CME Futures, it has been unable to break decisively above that level on spot markets due to a sell-off. Billionaire investor Mike Novogratz believes the selling pressure is mostly coming from buyers who got in at prices above $56,000 and are now taking profits. However, he also notes that a significant portion of recent buyers are long-term holders, which helps stabilize the market. As a result, the supply of Bitcoin is decreasing, which is seen as a positive long-term trend. Despite the sell-off, Novogratz remains cautiously optimistic about Bitcoin's future, expecting steady growth rather than unsustainable spikes.



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