Bitwise CEO: Bitcoin currently lacks a "Schelling point catalyst"

Jinse Finance reported that Bitwise CEO Hunter Horsley posted on X, stating, "I believe the current issue with Bitcoin is the lack of a 'Schelling point-style price catalyst.' A Schelling point catalyst refers to a potential opportunity that, once realized, will significantly drive up the coin price and thus become the focus of everyone's attention and discussion. In 2023, this catalyst was whether the Bitcoin spot ETF would be approved; in the first half of 2024, it was how much capital inflow the Bitcoin ETF could attract; in the second half of 2024, it is the U.S. presidential election, as well as the crypto industry potentially escaping a harsh regulatory environment; in the first half of 2025, it is the possibility of central banks in various countries establishing strategic Bitcoin reserves; and from the first half to the second half of 2025, the rise of Bitcoin treasury management companies has become the new focus. Now, in the first half of 2026, if you ask five different industry practitioners what the single most important catalyst for a significant rise in Bitcoin's price over the next year is, you are likely to get completely different answers, including vague trend statements such as 'institutional adoption.' I believe, overall, that a single, uncertain catalyst can no longer dominate the entire market, which is a sign of the industry's maturity. However, at the same time, this has created a vacuum in market attention. I think, although this may seem minor, it is an important reason for the current market sentiment weakness."