Key Takeaways
Bitcoin fell 2.5% to $65,850 in early trading on March 31, 2026, after gold proponent Peter Schiff issued a public warning for holders to sell, a call that followed a $20 million sale by a prominent whale.
"It's hard to believe that Bitcoin is still above $65k. Get out while the getting is good," Schiff said in a post on X (formerly Twitter). The sale was first reported by on-chain analytics firm Arkham Intelligence.
The $20 million sale was executed in a series of transactions late on March 30, according to Arkham. The move contributed to a spike in selling pressure, with total 24-hour trading volume rising 15% to $52 billion, per CoinGecko data. The sell-off triggered approximately $150 million in long liquidations across major exchanges in the last 12 hours, Coinglass data shows.
The combination of bearish commentary from a well-known critic and significant whale activity places immediate pressure on the market. The next key support level for Bitcoin sits at the $64,500 mark, a critical zone to hold to prevent a deeper correction towards $60,000.
Schiff, a long-time Bitcoin skeptic and advocate for gold, has frequently predicted the asset's demise. His latest warning comes as Bitcoin struggles to maintain momentum after failing to break the $70,000 resistance level last week. The price of Ethereum, the second-largest cryptocurrency, also fell 3.1% to $3,450 in a correlated move.
The market's reaction highlights the continued influence of large holders, often called whales, whose transactions can create significant price swings. The $20 million sale, while small relative to Bitcoin's daily volume, was sufficient to trigger a cascade of liquidations in an already nervous market, as shown by the spike in liquidations on derivatives exchanges like Binance and OKX.
This article is for informational purposes only and does not constitute investment advice.
