Bitcoin OG's selling to 'weak' hands will deepen selloffs: Peter Schiff

Peter Schiff, a gold investor and economist, warns that the transfer of Bitcoin from long-term holders, or 'OGs', to 'weak' hands will exacerbate future market drawdowns. He emphasizes that the current liquidity in the Bitcoin market marks an IPO moment, and the increased float due to selling from strong holders might lead to larger selloffs. This selling pressure has already been evident as prominent holders like Owen Gunden and Robert Kiyosaki have cashed out significantly. Analysts at Bitfinex attribute ongoing selling to both long-term holders and leveraged liquidations, leaving retail investors likely to panic sell at signs of trouble. Despite these challenges, they believe that Bitcoin's fundamentals remain strong, attracting institutional interest which indicates potential for sustained demand.

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