Bitwise CEO: Bitcoin currently lacks a clear "Schellench point price catalyst".

Hunter Horsley, CEO of Bitwise, recently published an article on the X platform stating that one of the core issues facing Bitcoin is the lack of a "Schelling's point" price catalyst sufficient to generate consensus. Horsley explained that a "Schelling's point catalyst" refers to a key event, once it occurs, that is widely recognized by the market as a decisive positive, significantly driving up the price of Bitcoin. Such catalysts have appeared multiple times in the past few years: in 2023, the market focus was on whether a Bitcoin spot ETF would be approved; in the first half of 2024, the focus shifted to the actual inflow of funds into Bitcoin ETFs; in the second half of 2024, the US presidential election and expectations of improved regulatory conditions in the crypto industry became the core narrative; in the first half of 2025, the establishment of a national-level Bitcoin strategic reserve sparked discussion; subsequently, the rapid rise of Bitcoin treasury management companies became a new market focus. He pointed out that in the first half of 2026, if you ask several industry practitioners about the key factors driving a significant increase in Bitcoin prices in the coming year, you will often receive scattered and even contradictory answers, including rather general trend judgments such as "institutional adoption." Horsley believes that, overall, single, uncertain catalysts are no longer able to dominate market trends, which is a sign of the industry's gradual maturation. However, this has also created a "vacuum" in market narrative, lacking a unified focus. He concludes that this seemingly subtle change is actually one of the key reasons for the current persistently weak market sentiment.