Bitcoin faced renewed selling pressure over the weekend, with high-profile critic and gold advocate Peter Schiff stating that the world’s largest cryptocurrency is “finally breaking down.” Schiff’s remarks came as Bitcoin’s price dropped below the closely watched $80,000 mark, amplifying concerns among traders and institutional investors about further downside.
Schiff cautions on key levels and ETF risks
Schiff, a longtime Bitcoin skeptic, voiced his views following the recent market sell-off. He argued that Bitcoin could be heading toward $75,000 in the short term and warned that a sustained failure to hold this level could lead to deeper losses for investors.
He specifically drew attention to the predicament faced by holders of spot Bitcoin exchange-traded funds (ETFs), noting that they are unable to sell their positions during weekends due to traditional stock market closures.
Schiff described the latest price move as a significant breakdown, adding that “the next stop is likely $75,000. If that level fails to hold today, it’s going to be a very long weekend for Bitcoiners, especially for ETF investors who can’t sell until Monday.”
Spot Bitcoin ETF shares listed in the US cannot be traded outside regular market hours, leaving investors exposed to market volatility during weekends.
Sharp market decline and liquidations
Bitcoin suffered another steep sell-off on Saturday, plunging to approximately $79,226 according to CoinGecko data. This marked its lowest price point in over a month, a sharp reversal following its brief approach to $85,000 earlier in the week.
The drop triggered widespread liquidations in the cryptocurrency market. Data from CoinGlass shows that over $815 million in leveraged crypto positions were wiped out within 24 hours. The majority of these losses were borne by bullish traders, with about $404 million in long positions liquidated in just four hours.
This cascade of liquidations coincided with a rapid deterioration in market optimism and put further pressure on Bitcoin’s price recovery efforts.
Despite managing to recover above $80,000 after the initial crash, analysts suggest that Bitcoin bulls face continued uncertainty as the market digests recent losses.
ETF outflows and impact on market sentiment
Institutional interest in US-listed spot Bitcoin ETFs weakened notably during this period. On Thursday, these funds recorded net outflows of approximately $635.5 million. Combined with the previous session, total withdrawals reached around $773 million over two trading days.
These sizable redemptions have fueled broader concerns over declining institutional demand, compounding the recent price volatility for Bitcoin.
In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, frequent shifts in price direction highlight the challenges for both retail and professional investors. Traders have increasingly turned to privacy-first platforms like CryptoAppsy, which consolidate real-time charts, price alerts, coin-specific headlines, and macroeconomic data on one dashboard, even without requiring users to open an account. This trend reflects growing demand for integrated solutions to manage risk and keep pace with rapid market moves.
Schiff maintains that these latest developments may mark the beginning of a more significant correction phase for Bitcoin, but the immediate outlook remains unsettled as the market awaits further confirmation.
