Peter Schiff Recognizes the HODLing Resilience of Bitcoin ETF Buyers

Financial commentator and critic Peter Schiff recently shared his thoughts on the leading digital asset, Bitcoin, via a post on social media. He believes that the recent decline in Bitcoin’s price is unlikely to drop significantly lower than its current level, as buyers of Bitcoin ETFs have yet to exhibit panic.

### Schiff: The Influence of Bitcoin ETF Whales on Price

Schiff has examined the trading behavior of Bitcoin ETF whales, noting that these significant holders appear unaffected by Bitcoin’s recent dip below the $60,000 mark. According to current data, Bitcoin has risen by 3.73% to approximately $56,536.78 in the last 24 hours, following a sharp decline to around $53,900. Analysts attributed this decrease to the German government’s transfer of Bitcoin to major exchanges, with the BTC involved valued at roughly $75.53 million.

In Schiff’s latest analysis, he posits that a more substantial decrease in Bitcoin’s price would be necessary for these whales to start selling off their holdings. A mass sell-off from ETF holders could further depress Bitcoin’s value.

Schiff predicts that such a scenario could unfold as early as next week, particularly following a significant sell-off anticipated over the weekend.

### A Warning for Investors

In a recent analysis, Schiff suggested that Bitcoin could potentially lose about 60% of its value. Some market observers find this prediction improbable, noting that it would mean Bitcoin falling below the $30,000 threshold. They argue that Schiff’s outlook may be overly pessimistic due to his lack of enthusiasm for digital assets.

Furthermore, Schiff has cautioned Bitcoin ETF investors that, considering Bitcoin’s underperformance in the second quarter relative to gold, the digital asset may face additional losses moving forward.