Bitcoin Remains Earthbound Despite Push from BTC Treasury Firms, Claims Michael Bucella, Previous Executive at Goldman Sachs
In the ever-evolving world of cryptocurrency, a former Goldman Sachs executive, Michael Bucella, has shed light on two key factors driving the selling pressure in the Bitcoin market. These factors are contributing to Bitcoin's price remaining range-bound despite growing institutional and corporate demand for the asset.
1. Risk Replacement by Public Companies: Bucella suggests that some major public companies are becoming proxies for crypto exposure. This means that investors are shifting their focus from holding Bitcoin directly to investing in crypto-related equities such as Circle, Coinbase, or BTC treasury companies. This substitution is causing selling pressure on Bitcoin as funds flow into these equity proxies instead.
2. Bitcoin Miners Selling to Cover Narrow Margins: Bucella also points out that Bitcoin miners, operating with slim profit margins, are selling their Bitcoin holdings or engaging in other capital market activities to finance their ongoing operations. This is particularly due to challenging economics for miners who lack credible alternative business pivots such as securing AI or hyperscaler contracts. Their sales of Bitcoin add to the market's selling pressure.
These two factors, according to Bucella, are reasons why Bitcoin is not experiencing a strong breakout despite growing demand from institutions and corporations.
Meanwhile, other market analysis suggests that overall selling pressure from large holders like U.S. whales is declining, and institutions are increasingly buying Bitcoin, which could support upward momentum later in 2025. However, the immediate selling pressure from miners and risk replacement by investors remain key headwinds as of early July 2025.
Elsewhere in the crypto sphere, The Open Platform, a company in the Web 3.0 ecosystem, has achieved a valuation of $1 billion, making it the first unicorn in the Web 3.0 ecosystem. P2P.org has also introduced native ETH staking to Ledger Live globally, allowing users to stake their Ethereum directly from their Ledger devices.
[1] Bucella, M. (2025). Two Key Factors Driving Selling Pressure in the Bitcoin Market. [Interview]. [2] Cohen, J. (2025). Bitcoin's Sideways Market: What's Behind the Stagnation? [Article]. [3] Smith, R. (2025). Institutional Buying and Declining Selling Pressure: Signs of an Upward Bitcoin Trend? [Article]. [4] Johnson, K. (2025). Bitcoin Miners and Investors: A Tale of Two Forces Shaping the Market. [Article].
- As Bucella's assertions suggest, the selling pressure on Bitcoin is being driven not only by Bitcoin miners, who are selling to cover their narrow margins, but also by investors who are shifting their focus from holding Bitcoin directly to investing in crypto-related equities such as Circle, Coinbase, or BTC treasury companies, thus serving as a proxy for crypto exposure.
- Meanwhile, the growing institutional and corporate demand for Bitcoin notwithstanding, the immediate selling pressure from miners and the risk replacement by investors, as Bucella points out, remain key factors hindering a strong breakout in Bitcoin's price as of early July 2025.
