Odaily Planet Daily reports that Bitwise CEO Hunter Horsley recently posted on X platform stating that one of the core issues Bitcoin currently faces is the lack of a “Schelling point-style price catalyst” sufficient to establish consensus.
Horsley explained that a “Schelling point catalyst” refers to a decisive positive event once it occurs, which is widely recognized by the market as a significant bullish signal, thereby substantially driving up Bitcoin’s price. Over the past few years, such catalysts have appeared multiple times:
In 2023, market focus was on whether Bitcoin spot ETFs would be approved;
In the first half of 2024, attention shifted to the actual capital inflow into Bitcoin ETFs;
In the second half of 2024, the core narrative centered on the U.S. presidential election and the anticipated improvement in cryptocurrency industry regulation;
In the first half of 2025, discussions arose around establishing a national-level Bitcoin strategic reserve;
Subsequently, the rapid rise of Bitcoin asset management companies became a new market focus.
He pointed out that by the first half of 2026, when asked by many industry practitioners about the key factors that will drive a significant increase in Bitcoin’s price over the next year, the answers are often scattered or even contradictory, including broad trend judgments like “institutional adoption.”
Horsley believes that, overall, single and uncertain catalysts are no longer able to dominate the entire market trend, which is itself a sign of the industry’s gradual maturity. However, at the same time, this also creates a “vacuum of attention” in market narratives, lacking a unified focus.
He summarized that this seemingly subtle change is actually one of the main reasons for the current market sentiment remaining weak.
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