Bitcoin investor Stephen Weiss cuts exposure as ‘momentum dies’

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, said on CNBC’s “Halftime Report” he booked profits from an investment in BlackRock’s iShares Bitcoin Trust.

Weiss disclosed that his trading plan was always to sell a portion of his position when Bitcoin’s momentum cooled. Bitcoin was trading below $45,000 when the Securities and Exchange Commission approved a dozen spot Bitcoin exchange-traded funds. The cryptocurrency reached an all-time high of $108,786 on Jan. 20, more than doubling its price from the previous year.

The U.S. Securities and Exchange Commission approved BlackRock’s exchange-traded fund in January. Since then, more than $55 billion in investor capital has flowed into the iShares Bitcoin fund, making it the largest among the 12 Bitcoin funds in the Wall Street exchange-traded fund market.

“I took 20% off my position… It’s still a positive trade,” Weiss told CNBC, without disclosing the size of his position or the value of the profits.

Bitcoin has declined 7% over the past month and remains 11% below its January peak, prompting Weiss to say that its “momentum dies” .

Following weeks ranging between $90,000 and $100,000, a 10% correction to $86,000 may occur before Bitcoin bottoms. Bottoms refer to new support levels that assets establish to bounce off. Tom Lee, Fundstrat head of research and a Bitcoin supporter, downplayed any possible drops and market volatility. Lee’s target for Bitcoin predicted a $250,000 spot price in 2025.