VanEck’s Matthew Sigel Sees Bitcoin Surge Ahead, Firm Accumulates BTC – Here’s What’s Driving It

VanEck, a prominent financial giant, has been accumulating Bitcoin (BTC) amidst recent market activity, according to Matthew Sigel, the firm’s head of digital assets research. Sigel explained that the market has witnessed significant selling pressure from several key sources, which have contributed to a temporary dip in Bitcoin’s price.

Major Sellers Exit the Market

Sigel identified four major sellers driving the recent decline in BTC’s value. He mentioned that the German government liquidated $2 billion worth of Bitcoin, while the U.S. government has been offloading coins related to the Silk Road case. Additionally, creditors from two significant bankruptcies, Mt. Gox and Genesis, have recently received payouts, further contributing to the selling pressure.

Despite these factors, Sigel noted that this trend is consistent with Bitcoin’s typical seasonal pattern. “This is a typical seasonal pattern where Bitcoin tends to struggle in the one-three months after the halving,” he said. The recent halving took place in April, and the market is now adjusting. However, Sigel remains optimistic about Bitcoin’s future performance, particularly as the U.S. approaches the next presidential election.

VanEck’s recent Bitcoin purchases align with its broader strategy in the cryptocurrency space. The firm is one of several traditional financial institutions that have launched spot exchange-traded funds (ETFs) tied to Bitcoin and Ethereum (ETH) this year. Moreover, VanEck has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Solana (SOL) ETF, highlighting its commitment to expanding its crypto offerings.

As of now, Bitcoin is trading at $59,372.47, and VanEck remains confident in the asset’s potential to recover and thrive in the coming years.