Mark Yusko Dumps 90% Of Solana, Warns Of More Pain For BTC — But Half His Wealth In Still In Bitcoin

• Yusko has about half of his net worth in Bitcoin and other BTC-adjacent investments.
• He warned that Bitcoin is still too expensive and could fall to $60,000.
• He thinks Bitcoin will hit a cycle low around October 5, 2026.

Mark Yusko, the founder and chief investment officer of Morgan Creek Capital Management, said that about half of his net worth is invested in Bitcoin (BTC) and related assets. This is five times the amount of money he tells other people to spend.

In an interview published on Saturday, Yusko told the Crypto Banter podcast that "ish 50%" of his portfolio was made up of Bitcoin and Bitcoin-adjacent holdings, 45% was made up of venture capital, and 10% was made up of cash and short-term assets. He added that he wasn't trying to be that concentrated, but the role just grew that way. 

He said, "Everyone should have five, eight, or ten percent" when asked what an average investor should hold. Yusko said, however, that the amount of allocated capital should change based on age. "I believe it should literally be against the law for you to own bonds," he told investors under 35. He said this because younger savers need protection against equity risk and devaluation, rather than against fixed-income risk. 

Sold The Best Trade Of His Career 

Yusko also revealed that he has sold almost all of his shares in Solana (SOL), which he called "maybe the best investment I've ever had in my life." Morgan Creek put money into Multicoin Capital's first fund, which is how the exposure came about. 

Yusko said that the return was about 1,000 times the amount of money that was invested, but he didn't write down that number, and it could not be independently verified. He said, “We sold 90% of it."

Solana’s price was trading at around $105, up over 3% in the last 24 hours. On Stocktwits, retail sentiment around SOL remained in the ‘bearish’ zone, as chatter stayed at ‘normal’ levels over the past day.

He said the sell warning wasn't fundamental. Yusko said that he left after Multicoin announced a $2.5 million after-party. Yusko said that his concerns about Solana are more about how it works than anything personal. These concerns apply to both Ethereum (ETH) and Uniswap's (UNI) governance tokens. Yusko pointed out that users of these tokens have no right to network fees. 
When tokens were issued without any claim to equity, debt, or cash flows, they are "kind of scammy," he said. He added that Bitcoin critics disagree with him, saying that Bitcoin doesn't have to pass the same test because it is a store-of-value object and not a usage token. 

Yusko Is Bearish In The Near Term On Bitcoin

Yusko's view on the market in the near future was bearish. He said that the market was "super, super overbought" after a recent short squeeze and that the move was "still bear market action." He said, "I don't think we're out of the woods yet." 

He said that the low point of the cycle would happen on October 5, 364 days after the high point. Metcalfe's law, users, and trades helped him figure out that the fair value was close to $105,000. He said the price could drop to around $60,000 before rising again, but he didn't think it would go below the cost of the electricity used to mine it, which he estimated at around $58,000.

Bitcoin’s price was trading around $79,650, almost flat in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘neutral’ zone, accompanied by ‘normal’ chatter levels over the past day.

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