According to gold investor and economist Peter Schiff, the transfer of Bitcoin (BTC) from long-term holders (also known as "OGs") to "weak" hands will lead to more severe pullbacks in the future.
Schiff stated on Saturday that Bitcoin has "finally reached its IPO moment," adding that there is now enough liquidity in the Bitcoin market for long-term holders to cash out.
"So much Bitcoin moving from strong hands to weak hands not only increases circulation but also means future sell-offs will be larger," Schiff added.
Whales and other long-term Bitcoin holders sold over 400,000 BTC in October, creating significant selling pressure that caused BTC prices to drop below $85,000.
The ongoing decline in cryptocurrency has led to a divergence of opinions among analysts and investors regarding the market direction, with uncertainty about whether a bull market trend will resume once liquidity conditions improve or if we are facing the next cryptocurrency bear market.
One of the earliest long-term Bitcoin holders, Owen Gunden, cashed out, selling all of his 11,000 BTC in October and November, worth approximately $1.3 billion.
Robert Kiyosaki, author of "Rich Dad Poor Dad" and an investor, announced on Friday that he sold all his BTC, worth about $2.25 million.
Kiyosaki stated that he bought BTC at around $6,000 each and sold at the $90,000 level. He added that he would reinvest the profits into income-generating businesses.
"I remain very optimistic and bullish on Bitcoin and will start acquiring more with my positive cash flow," Kiyosaki said.
Analysts at cryptocurrency exchange Bitfinex indicated that the strong selling pressure from long-term holders cashing out and the leverage liquidations in the cryptocurrency derivatives market are the main factors driving the short-term pullback.
According to Bitfinex analysts, the fundamentals of Bitcoin remain strong and attractive to institutional investors, who will continue to adopt BTC and drive demand.
However, Vineet Budki, CEO of venture capital firm Sigma Capital, told Cointelegraph that retail investors may sell their BTC at the first sign of trouble, adding that the lack of conviction among retail investors could lead to a 70% price pullback in the next bear market.
Related: "Rich Dad Poor Dad" author Robert Kiyosaki sells $2.25 million worth of Bitcoin (BTC)
Original article: “Peter Schiff: Bitcoin (BTC) OG selling to 'weak' hands will deepen sell-off”
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