Peter Schiff is once again dissing Bitcoin, but why is BlackRock selling it? | Source: Created with Gemini
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Key Takeaways
Long-time Bitcoin critic Peter Schiff claimed it “has no future.”
Arkham Intelligence reported the largest-ever daily outflow from BlackRock’s Bitcoin ETF.
Technical indicators show Bitcoin dominance trending downward.
Bitcoin (BTC) has once again come under intense scrutiny from its biggest critic, Peter Schiff, who warned that the asset “has no future.”
The damning comments came as blockchain analytics firm Arkham reported the largest-ever daily outflow of Bitcoin linked to BlackRock’s IBIT ETF, with the fund selling over $500 million in a single day.
These developments arrive amid dark sentiment for BTC and the wider crypto industry, with analysts indicating that a bear market is well underway.
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Long-time Bitcoin critic Peter Schiff spoke out against the asset on Wednesday, arguing on X that Bitcoin fails both as a medium of exchange and as a store of value.
“Bitcoin has no future. It’s not a good medium of exchange for payments,” Schiff wrote.
Peter Schiff is a long-time hater of Bitcoin | Source: X
Schiff claimed that even Cathie Wood, the iconic investor who has previously been bullish on Bitcoin, “admits stablecoins are better.”
“If you also want a store of value, tokenized gold wins hands down,” he added. “The race to get out of Bitcoin is on. Don’t be last.”
In a separate post, Schiff mocked those who had been “popping champagne corks at Bitcoin’s $100K parties a year ago.”
“How many people popping champagne corks at Bitcoin $100,000 parties a year ago expected 2025 to be this bad? 2026 could be far worse,” he said.
BlackRock Sells Over $500 Million BTC
The criticism coincided with Arkham Intelligence reporting massive Bitcoin movements associated with BlackRock’s IBIT exchange-traded fund.
On Wednesday, Arkham told its followers:
“BLACKROCK JUST SOLD MORE $BTC THAN EVER BEFORE.
“They dumped $523M BTC, the highest daily outflow IBIT has ever seen.”
However, the firm pushed back against claims that the transactions reflected a discretionary market sell-off:
“BlackRock buys or sells Bitcoin to settle outstanding shares of IBIT. When customers net buy IBIT, BlackRock must acquire Bitcoin, and vice versa,” it wrote.
“Today marked the largest net negative notational flow in the history of IBIT’s existence… settlement flows reflect trading activity from BlackRock’s clients conducted yesterday,” it added.
Users on X also pushed back against claims that the movement represented anything other than routine restructuring, although some expressed concern.
“IBIT is just redeeming because clients sold yesterday, so BlackRock is mechanically settling, not making some giant discretionary bearish bet on BTC,” one user stated.
Another said: “BlackRock sold big, but until the market shows panic, this is just another move to shake out the weak hands.”
“Every time these big players offload, the market usually overreacts for a bit before finding its balance again,” another user wrote.
Analysts Warn of Weakness
Analysts claim technical indicators have pointed to further turbulence ahead for a while now.
CCN Analyst Valdrin Tahiri said in a report Bitcoin dominance appears to have entered a confirmed downward trend.
“Once Bitcoin dominance falls to 58.50%, the reaction will determine whether the future trend is bullish or bearish, and whether there is hope for a minor altcoin season,” he wrote.
According to Tahiri, the sector “is slipping into a long-term bear market,” with momentum indicators showing clear weakness.
He added that short-term rebounds remain possible but are likely to be brief:
“A rebound from current support zones could offer a brief relief rally before the larger downtrend resumes. However, such moves are likely to be short-lived,” Tahiri said.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
