Peter Schiff urges Bitcoin holders to exit as selloff deepens

Schiff’s comments came as Bitcoin slid to its lowest intraday level since November 2024 and hovered in the high-$60,000 range, putting the asset close to the 2021 cycle peak around $61,000 on major spot venues.

He framed the move as a renewed setback versus gold, saying Bitcoin was down about 60% against the metal, and used the relative-performance point to argue that the broader drawdown is not just a short-term fluctuation.

The retreat also left Bitcoin roughly 45% below its prior all-time high around $126,199, reached in October, based on the figures cited in the report. The magnitude of that decline sharpened attention on leveraged and treasury-style strategies whose balance sheets are sensitive to spot price moves.

One of the most closely watched corporate exposures has been Strategy (MSTR), led by executive chairman Michael Saylor, which has continued to accumulate Bitcoin through multiple market phases. Schiff specifically targeted Saylor’s approach as Bitcoin dropped below the firm’s average purchase price, calling attention to the pressure that extended drawdowns can place on companies that finance holdings through a mix of equity and credit-market instruments.

According to the same report, on-chain tracking cited by Lookonchain put Strategy’s unrealized loss at more than $4.6 billion at the time, a data point frequently used by traders to gauge how far underwater large, concentrated positions may be during fast selloffs.

Episode unfolded as macro-style narratives and crypto-specific positioning collided around the $70,000 area, a round-number level that traders often treat as a psychological marker. With Bitcoin already down sharply from its October peak, the latest leg lower added pressure to sentiment and increased the market’s sensitivity to incremental selling, forced liquidations, or reduced risk-taking by participants who manage exposures around widely watched technical thresholds.