According to market reports, Bitcoin is trading around $85,500 after falling more than 30% from its all-time high of $126,000, dropping to as low as $82,000 at one point. Traders warn that recent moves by long-term holders are changing the market’s response to stress. Liquidity is diluted and price fluctuations are greater than normal.
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Mr. Schiff issues a stern warning.
According to gold investor Peter Schiff, Bitcoin is “finally reaching its IPO moment.” He said veteran holders turning sellers could increase supply at the top of the market and make future declines more severe.
“For Bitcoin to move this much from strong hands to weak hands means not only the float is higher, but also the future declines are larger,” Schiff said on Saturday.
His views have been repeated in bearish voices for years, but this time he comments against clear on-chain movements and huge ETF outflows.
Traders note that long-term holders will reduce positions near local peaks if they are confident. Price fluctuations are often more volatile when many people do it at the same time.
After many years, some argue that Bitcoin is finally having its IPO moment, now that there is enough liquidity for OG to cash out. I agree, but for Bitcoin to move this much from strong to weak hands, it not only increases the float, but also means that future declines will be larger.
— Peter Schiff (@PeterSchiff) November 22, 2025
Whale movements and large-scale sales
According to the report, whales and early wallets moved over 400,000 BTC in October, and that activity was associated with significant selling pressure. One of the early investors, Owen Ganden, reportedly liquidated all 11,000 BTC of his shares between October and November.
High-profile retail figures also sold. Robert Kiyosaki announced the sale worth about $2.25 million, saying he bought BTC when it was about $6,000 and sold it for nearly $90,000, and that he plans to reallocate the proceeds to his profitable business.
Bitfinex analysts cite two main factors for the recent decline: selling by long-term holders and leveraged liquidations in the derivatives market. If the margin position is unwound, the price may cascade down before the market finds support.
ETF flows and retail sentiment
Investors withdrew nearly $1 billion from Bitcoin ETFs in a single session, the second-largest daily outflow among a group of 12 funds, according to Bloomberg and fund filings.
BlackRock’s IBIT took the lead with $355 million, while Grayscale’s GBTC and Fidelity’s FBTC each lost out by about $200 million.
Over the past month, approximately $4 billion in net outflows were recorded from ETF products. According to statistics from Citi Research cited by Market Watcher, for every $1 billion withdrawn, the price of Bitcoin experiences a negative change of approximately 3.4%.
Still, there was a movement against it. According to reports, the ETF recorded $238 million in inflows yesterday, highlighting how quickly capital flows can reverse.
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Schiff’s warning shows that Bitcoin could still be shaky if large holders sell. Even if some institutions are buying, moving the coin from long-term holders to casual investors could cause future price declines to be bigger and faster.
Those watching the market will likely be paying close attention to the actions of these veteran holders, as their actions could determine the extent of the next crash.
Featured image from Born Free Foundation, chart from TradingView
