In this conversation, Jeff Park, Partner and Chief Investment Officer at ProCap BTC, shares insights on bitcoin market dynamics. He discusses why recent price drops stem from both micro and macro factors, highlighting whale liquidations and institutional influences. Jeff examines generational shifts in investment behavior, emphasizing how younger investors are leaning towards on-chain ownership. He also addresses the competition from AI and prediction markets for capital, and what would be needed for bitcoin to reach new highs.
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insights INSIGHT
Liquidations And Exploits Hurt Sentiment
October's large liquidation and repeated DeFi exploits continue to weigh on sentiment.
Infrastructure risk and ongoing exploit news keep investors risk-off in crypto.
insights INSIGHT
Macro And Micro Forces Driving Bitcoin
Bitcoin weakness comes from both macro uncertainty and micro-level selling dynamics.
On-chain liquidations, exploit headlines, and QT shifts combined to sap investor appetite.
insights INSIGHT
Whales Selling While Retail Stops Buying
Large whale cohorts still control a third of bitcoin and have been consistently liquidating since 2022.
Small on-chain buyers stopped accumulating in 2024, signaling weakening grassroots demand.
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Jeff Park is the Partner and Chief Investment Officer at ProCap BTC. In this conversation, we dive into the current bitcoin market cycle — why price sentiment has shifted, whether younger investors are losing interest, and where the next wave of buyers could come from. Jeff also breaks down how both macro forces like interest rates and micro market dynamics are influencing bitcoin’s trajectory, and reacts to Scott Bessent’s viral tweet that might signal a turning point for crypto markets.
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Timestamps:
0:00 - Intro
2:05 - Why is bitcoin’s price doing down?
10:17 - Competing trends: AI, prediction markets, and other investments
15:36 - How millennials and Gen Z view the financial system differently
21:31 - Has bitcoin been co-opted by Wall Street or politics?
26:09 - Scott Bessent’s bitcoin tweet and the search for young voices in crypto
30:38 - Does bitcoin’s price make it psychologically less appealing?
33:58 - What would it take for bitcoin to make new highs again?
35:14 - Is Jeff still bullish on bitcoin’s long-term future?
The Pomp Podcast 