The movement of Bitcoin from long-term holders, often referred to as “OGs,” to “weak” hands will amplify further downturns in the market, according to Peter Schiff.
Schiff, a known BTC critic and gold advocate, stated on X that he agreed with market observers that “Bitcoin is finally having its IPO momentum now that there’s enough liquidity for the OGs to cash out.”
“This much Bitcoin moving from strong to weak hands not only increases the float, but also means future selloffs will be bigger,” he warned.
This sentiment comes as analysts have observed over recent weeks that some long-term Bitcoin whales have started selling off their holdings in the crypto.
Among these whales is Owen Gunden, one of the earliest long-term Bitcoin holders. In October and November, Gunden cashed out his entire stash of 11,000 BTC valued at approximately $1.3 billion.
More recently, “Rich Dad, Poor Dad” author and investor Robert Kiyosaki disclosed on Friday that he sold all of his BTC valued at about $2.25 million. Kiyosaki said that he purchased Bitcoin when it was worth about $6,000 per coin and sold it at the $90,000 level.
Bitcoin: The Most Risky Risk Asset, According to Schiff
Schiff’s latest post follows a period where the largest crypto by market cap plummeted 10% in the past week, according to data. The decline had extended BTC’s medium-term downtrend, resulting in the crypto’s price being more than 22% in the red on the monthly time frame.
BTC’s ongoing decline followed a series of crypto market liquidation events in recent weeks. The largest of these events occurred on October 10, when $19 billion was wiped out from traders’ positions. While the market was still attempting to recover from this substantial liquidation, it subsequently suffered a series of smaller selloffs.
In an earlier X post, Schiff referenced a statement by YouTuber Andrei Jikh, who argued that Bitcoin led the decline in risk assets due to its higher liquidity and ease of trading.
In a recent YouTube video @andreijikh argued that Bitcoin led the decline in risk assets because it’s more liquid and easier to trade. The real reason he fails to recognize is that Bitcoin carries the most risk. It’s the weakest link in the risk-asset chain, so it broke first.
— Peter Schiff (@PeterSchiff) November 22, 2025
However, Schiff believes that the “real reason” BTC led the decline in risk assets, which he asserts Jikh failed to recognize, is that “Bitcoin carries the most risk.”
“It’s the weakest link in the risk-asset chain, so it broke first,” Schiff stated.
Sovereign Wealth Fund Adoption Could Be Bitcoin’s Black Swan Event
Amid the recent decline in BTC’s price, ProCap chief investment officer Jeff Park predicted in a podcast interview published to YouTube on Thursday that sovereign wealth funds adopting the crypto could represent a “black swan event for Bitcoin upside.”
“If there was, for some reason, all of a sudden, news that a major developed market, OECD country, was going to buy Bitcoin on the balance sheet, and actually do it,” he said.
Park emphasized that such news would need to be genuine.
“It would have to be real,” he said. “It couldn’t be this fake version we lived with for about a year,” Park added.