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The debate around Bitcoin as a long-term store of value has entered a new and more serious phase. This time, the concern isn’t regulation, price volatility, or macro tightening — it’s technology itself.

Christopher Wood, Global Equity Strategy Head at Jefferies, has made a decisive move by removing Bitcoin entirely from his model portfolio. This wasn’t a small trim. Bitcoin previously represented a meaningful 10% allocation, signaling strong conviction. Now, that allocation is gone.

What triggered such a shift? Quantum computing.

Wood has openly stated that the accelerating pace of quantum computing development poses a potential future threat to Bitcoin’s cryptographic foundations. While this risk may not be immediate, long-term investors — especially pension funds and retirement portfolios — cannot afford to ignore even low-probability, high-impact scenarios. Bitcoin’s security is built on cryptographic assumptions that could, in theory, be challenged if quantum computing reaches a certain threshold of practical power.

From Wood’s perspective, this introduces uncertainty that doesn’t align with the core objective of capital preservation for conservative, long-horizon investors.

📊 Performance Isn’t the Issue
It’s important to note: this decision is not a critique of Bitcoin’s historical returns. Since Bitcoin was added to the portfolio in December 2020, it has surged approximately 325%, dramatically outperforming gold, which gained around 145% over the same period. By any performance metric, Bitcoin delivered.

However, markets are forward-looking. Wood’s concern is not about what Bitcoin has done, but about what risks it may face over the next decade.

🟡 Capital Rotation: From Digital to Physical Safety
The removed Bitcoin allocation wasn’t sidelined into cash. Instead, it was strategically reallocated:
• 5% into physical gold
• 5% into gold mining equities

This reflects a broader shift toward assets with long-established defensive characteristics. Rising geopolitical tensions, ongoing global fragmentation, and technological unknowns are reviving gold’s traditional role as a hedge against systemic risk. Unlike digital assets, gold does not rely on cryptography, networks, or software assumptions. Its value proposition is simple — scarcity, durability, and historical trust.

🧠 The Bigger Picture for Crypto Investors
This move does not mean Bitcoin is “dead” or obsolete. Instead, it highlights a growing distinction between high-growth speculative assets and ultra-long-term capital preservation tools. Bitcoin may continue to thrive as a hedge against fiat debasement and monetary expansion, but institutional allocators are increasingly forced to model tail risks — even those that seem distant today.

For retail investors and traders, this is a reminder:
• Different portfolios have different objectives
• Time horizon matters more than narratives
• Risk isn’t just volatility — it’s uncertainty

🔍 Final Thought
Bitcoin remains one of the best-performing assets of the last decade. But as technology evolves and macro risks deepen, portfolio strategies are becoming more nuanced. The conversation is shifting from “How high can it go?” to “What could break it — even if that risk is years away?”

That question alone is enough to reshape billion-dollar portfolios.

$BTC
{spot}(BTCUSDT)

TRUMP trades near $5.4 after whale exits and failed $5.6 reclaim attempts.

Whale selling and low momentum increase downside risk toward $5.2 and $5.0 support zones.

Buyers must reclaim 50 EMA near $5.5 to reverse bearish pressure and stabilize price.

Official Trump —TRUMP, faced turbulence after topping near $9.5 two months ago. Price has struggled to reclaim $5.6, leaving the token range-bound. Traders watched closely as whales, once confident holders, began exiting positions after long inactivity. At press time, TRUMP hovered near $5.4, reflecting a modest pullback. The memecoin now sits at a crossroads where selling pressure meets tentative demand, and market participants wonder if buyers will step back in.

https://twitter.com/i/status/2010337150567432473 Whale Exits Signal Eroding Confidence

Large holders played a key role in TRUMP’s previous rallies. Early last year, whales actively accumulated the token, pushing momentum higher. However, activity has slowed dramatically. Whale Buy Activity indicators on TradingView show no purchases for six consecutive days. Instead, selling dominated the past 11 days.Arkham data highlighted one major exit. A whale who held TRUMP for eight months deposited 437,000 tokens worth $2.35 million into Binance. Those tokens were originally purchased for $4.7 million.

The sale realized a 50 percent loss, marking a significant erosion of confidence rather than strategic repositioning. This shift reflects more than just short-term profit-taking. When whales realize losses exceeding half their initial stake, it often signals caution or capitulation. The market’s larger players appear to be stepping aside, leaving smaller holders exposed to price swings. Momentum indicators reinforce this bearish sentiment.

The Directional Movement Index shows the negative index at 30, above the positive index near 21. This setup reflects growing seller control. TRUMP remains below its 50, 100, and 200 EMA levels, highlighting structural weakness.Selling pressure continues to dominate short-term moves. Without matching buying demand, prices may revisit key support zones. Traders now eye $5.2 near the 20 EMA.

Will Buyers Step In to Stabilize TRUMP?

For bulls to reclaim control, TRUMP needs a decisive move above the 50 EMA near $5.5. Such a shift would signal renewed strength and potential relief rallies. Otherwise, supply pressure may continue to suppress upward momentum. Volume patterns also highlight uncertainty. Trading lacks conviction, with smaller participants hesitant to step into a market dominated by sellers.

The absence of whale accumulation creates a thinner liquidity environment, which may amplify price swings. Traders should monitor upcoming sessions closely. Any sudden surge in buying could spark a short-term bounce. Conversely, continued whale distribution may push TRUMP toward lower support levels. Risk management remains critical, particularly for leveraged positions.

At present, TRUMP hovers between caution and opportunity. Buyer action will determine whether recent losses mark a temporary dip or the start of a deeper correction. Momentum, whale behavior, and technical structure all suggest the coming days could be decisive for the memecoin.