Schiff Slams Bitcoin as Whales Move Funds to Ethereum
Gold advocate Peter Schiff criticized Bitcoin’s recent price drop, stressing its underperformance against rising gold and silver. Bitcoin (BTC) slipped below $110,000 from its $123,000 all-time high, trading around $109,000 with a $2.17 trillion market cap and $59.6 billion 24-hour volume. Schiff warned BTC could fall to $75,000 and urged investors to sell. At the same time, a major whale sold 2,000 BTC (≈$215 million) to acquire 48,942 ETH, raising its holdings to 886,371 ETH (≈$4.07 billion). This shift highlights growing institutional adoption of Ethereum and signals bearish sentiment for Bitcoin in the near term.
Bearish
Peter Schiff’s criticism during Bitcoin’s pullback, combined with a whale’s sale of 2,000 BTC to buy Ethereum, reflects declining confidence and fund outflow from BTC. Historically, large whale moves have triggered short-term sell pressure—as seen in mid-2021 corrections—exacerbating volatility. Although Schiff’s bearish calls often miss long-term targets, the current negative sentiment and significant capital shift suggest a bearish short-term outlook for Bitcoin, even as its long-term resilience will depend on broader adoption and institutional support.