- Peter Schiff tells followers to sell BTC ahead of a future bearish season.
- Mid-term BTC Holders push crypto exchange inflow to over 5000 BTC.
Popular American broker Peter Schiff believes now is the time for investors to sell BTC in their portfolio. This came amid various unpleasant happenings in the crypto space, like a recent announcement from BlockFi on the inability to function business “as usual”, FTX liquidity crisis, and so on. Already, the price of Bitcoin has plunged greatly and has continued to decline in value. For a coin with an ATH of around $60,000, Bitcoin currently trades at $17,408.74. What a fall!
BlockFi tied its current condition to FTX, which is actively seeking funds to remain solvent. Additionally, BlockFi blames its predicament on FTX.US and Alameda. According to BlockFi, the platform’s activity will be limited, including an impaired withdrawal option. The crypto lender aims to protect its users from the ongoing chaos, promising them frequent updates.
Until there is further clarity, we are limiting platform activity, including pausing client withdrawals as allowed under our Terms… We request that clients should not deposit to BlockFi Wallet or Interest Accounts at this time.
BlockFi’s tweet received several reactions from the Twitter community, including Peter Schiff. He said:
This doesn’t look good, but it’s to be expected. Lots more to come. Sell your #Bitcoin if you can, as many people who would like to sell can’t.
Aside BlockFi and FTX.Us withdrawal issues, another implication of the FTX-Alameda crisis has been exposed by on-chain data analysis. The report shows that many mid-term BTC holders are sending their assets to crypto exchanges. Over the past 24 hours, crypto exchange inflow peaked at about 5000 BTC. On the other end, BTC spent output has reached a total of 5,133.49 BTC with two major weekly spikes.
Financial analysis shows that the increased sending of BTC to crypto exchanges by mid-term holders will make the market bearish. This analysis complements Peter Schiff’s advice to his followers. The fundamental effect of this spiked crypto exchange inflow will take effect in the next few days.
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Why is Peter Schiff campaigning for a BTC Sell?
For a while now, BTC has been struggling under $20k and Peter Schiff believes there are more events to occur in the future regarding BTC. Analysts believe BTC will plummet below its estimated production cost of $15k. Also, more think crypto bears will send the world’s biggest cryptocurrency by market cap to graves below the $10k mark.
Another major concern for Peter Schiff about BTC is the most recent CPI data release. The consumer price index for October was 7.7 percent, with inflation falling to a 9-month low. Though the price of BTC skyrocketed after the CPI release, Schiff argued that it should not be considered as fuel for BTC or the general cryptocurrency market. In fact, the low trading volumes of BTC show the price can fall soon.