Mark Cuban, a well-known advocate for cryptocurrencies, has sold most of his Bitcoin holdings due to its underperformance during times of geopolitical tension. In recent events surrounding the Iran conflict, gold prices surged past $4,500 while Bitcoin fell from $126K to $77K, a roughly 39% drawdown.
This development is significant because Cuban represents a key demographic among investors who bought into Bitcoin's narrative as a hedge against dollar weakness and macroeconomic instability. If this group starts losing faith in Bitcoin's store-of-value pitch, the institutional bid that propelled its price to $126K could weaken considerably.