CryptoSlate
Mark Cuban sold most of his Bitcoin, telling Portfolio Players the asset "is not the hedge I expected it to be" after it failed to deliver during the same macro stretch where gold and silver hit records. Bitcoin traded near $77,663 in mid-May 2026, roughly 38% below the all-time high of $126,000 set in early October 2025, while spot gold hit a record $5,594.82 and silver touched $121.64 on January 29. Cuban is also moving more capital into Ethereum, but the hedge critique is specific to Bitcoin and tracks a wider pattern: gold absorbed the crisis-hedge flows that Bitcoin's marketing long promised to capture.
Why it matters
Cuban's complaint is structural, not cosmetic. Bitcoin has consistently traded as a high-beta, liquidity-sensitive asset that correlates with the Nasdaq during risk-off episodes and rallies when risk appetite returns — selling off through last April's tariff shock, surging to its October peak, then suffering a major leverage wipeout. Glassnode's May 20 report still calls the network structurally resilient, but flags weakening spot demand, slowing ETF accumulation, and defensive options positioning. Gold, by contrast, posted a record $193 billion in quarterly demand value (up 74% year over year), with central banks buying 244 tonnes net and bar-and-coin demand climbing 42% to 474 tonnes. The asset Cuban sold still carries a 21 million supply cap and no central issuer, but those monetary properties did not stop it from acting like a de-risking trade during the very stress Cuban cited.
Market impact
The market is now pricing a wide outcome band. Citi's March 2026 forecast puts the 12-month base case at $112,000, a recessionary bear case at $58,000, and a bull case at $165,000. Glassnode's Realized Price sits near $54,900 as a lower structural boundary, while the $70,000 level functions as a pre-election anchor. Bitcoin long-term holder supply rose by over 2 million BTC during the current drawdown to 16.3 million BTC, with roughly 200,000 BTC added in the past month alone — a flow that suggests conviction holders are treating Bitcoin as a long-duration call option on monetary distrust, not as a crisis shelter.
Frequently asked questions
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Why did Mark Cuban sell his Bitcoin?
Cuban told Portfolio Players that Bitcoin "is not the hedge I expected it to be," citing its failure to hold value during the same stretch where gold and silver hit records on inflation fear, dollar weakness, and geopolitical pressure.
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How far is Bitcoin below its all-time high?
Bitcoin traded near $77,663 in mid-May 2026, roughly 38% below the record high of $126,000 set in early October 2025, while spot gold hit a record $5,594.82 and silver touched $121.64.
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What did gold demand look like in Q1 2026?
World Gold Council data shows Q1 gold demand reached 1,231 tonnes including OTC, with quarterly dollar value jumping 74% year over year to a record $193B, central banks buying 244 tonnes net, and bar-and-coin demand hitting 474 tonnes (up 42% YoY).
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What is Citi's Bitcoin price forecast for the next 12 months?
Citi's March 2026 forecast puts the 12-month base case at $112,000, a recessionary bear case at $58,000, and a bull case at $165,000, with Glassnode's Realized Price near $54,900 as a structural floor.
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Are long-term Bitcoin holders still accumulating?
Bitcoin long-term holder supply rose by over 2 million BTC during the current drawdown to 16.3 million BTC, with roughly 200,000 BTC added in the past month alone, signaling conviction buyers are treating it as long-duration monetary optionality.
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