Bitwise CEO Hunter Horsley has identified a lack of a clear "Schelling point-like price catalyst" as a core issue currently affecting Bitcoin. Horsley explained that such a catalyst is a decisive event that the market recognizes as a significant positive development, capable of boosting Bitcoin's price. In recent years, catalysts like Bitcoin spot ETF approvals and regulatory changes have driven market focus, but no single event currently dominates the narrative. Horsley noted that the absence of a unified focal point has led to fragmented market expectations, with broad themes like "institutional adoption" often cited. He suggests that this reflects the industry's maturation but also contributes to weak market sentiment due to an "attention vacuum" in market narratives.