Investor and longtime Bitcoin critic Peter Schiff has issued a warning about potential deeper losses for BTC holders, citing the cryptocurrency's recent price drop as the start of a broader pullback. In a post on his official X account on November 3, 2025, Schiff stated, "Bitcoin has stopped going up. That's my point. That likely means its only just starting to go down." This comment comes as Bitcoin experiences increased volatility and selling pressure, impacting both retail and institutional investors.
Data shows Bitcoin was trading down 3.18% in the last 24 hours and 6.99% over the past seven days, extending losses from what has been described as the market's worst October in years. Schiff compared Bitcoin's performance to Nasdaq and gold, noting that while Nasdaq is 18% above its January 2025 high and gold is 42% higher, Bitcoin has made no progress, questioning its sustainability amid rising risk-on and risk-off assets.
The warning was quickly rebutted by members of the crypto community, including Binance co-founder Changpeng 'CZ' Zhao, who shared a one-year Bitcoin chart from CoinMarketCap indicating a 57.52% yearly rise. This sparked debate over Schiff's historical skepticism and the current market sentiment, with some traders attributing the drop to profit-taking and a lack of perceived fundamentals.
Adding to the context, analytics firm Santiment reported that large Bitcoin holders (those with 10 to 10,000 BTC) are taking profits, contributing to the price decline. These stakeholders, who control 68.62% of all Bitcoin (approximately 13.68 million BTC), accumulated around 110,010 coins between August 22 and October 12 but have since reduced their holdings by 23,200 coins. This activity underscores the market's sensitivity to influential voices and highlights the importance of risk management strategies for investors.
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