Bitcoin News: Peter Schiff Says ‘Buy BTC’ As Whales Cash Out

Key Insights:

• Bitcoin news and data shows, long-term Bitcoin holders increased realized profits by over 71% since March.
• Short-term holders flipped to profit after BTC crossed $99,000.
• Peter Schiff slams BTC treasury firms amid rising whale exits.

Peter Schiff, one of Bitcoin’s most vocal critics, revealed he now owns BTC through his son’s portfolio, just as whales began exiting around $64K, raising questions about sentiment shifts and timing in the crypto market.

Peter Schiff Takes U-Turn on Bitcoin, Speculations Mount

Peter Schiff, a long-time critic of Bitcoin (BTC), shocked the crypto community by admitting he now holds BTC indirectly.

In a May 14 post on X, Schiff shared that he “finally bought some Bitcoin,” clarifying that the asset was in his son Spencer Schiff’s portfolio. “Spencer talked me into it,” he wrote. The economist, known for his vocal support of gold and scathing criticism of BTC, added: “I figured if you can’t beat ’em, join ’em—at least a little.”

The post went viral, with traders interpreting it as a psychological milestone for crypto adoption. Schiff’s comment marked a rare tone shift from someone who once called BTC “fool’s gold.”

Bitcoin News: Long-Term BTC Holders Secure 71% Profit Surge Since March

Data from CryptoQuant showed long-term holders (LTHs)—wallets that hold BTC for more than 150 days—recorded a 71.33% jump in realized profits from March 12 to May 13.

Carmelo Alemán, an on-chain analyst at CryptoQuant, noted that the Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) rose from 1.3273 to 2.27409. The metric reflects how much profit long-term investors make when moving their coins.

The data suggests a $50,000 BTC investment made before the March low could now yield over $113,000, locking in around $64,000 in profits. This trend signals that whales are cashing out at high margins, often a behavior seen in pre-distribution phases.

“Historically, these SOPR peaks align with periods where experienced holders offload before corrections,” Alemán explained.

While there’s no confirmation of a full market top, these moves suggest that profit-taking is underway as BTC continues to trade near range highs.

Short-Term Holders Add Pressure as Sentiment Shifts

Short-term holders (STHs) also returned to profit territory starting May 8, when BTC price crossed above the $99,000 level. Their SOPR has remained above 1 since, indicating most transactions are happening at a gain.

Market observer Darkfost commented:

“Short-term holders being in profit is essential to sustaining bullish momentum.”

Typically, when STHs find themselves in the green, they are more likely to hold longer, fueling further rallies. However, when SOPR values reach higher levels, especially above 1.03, the incentive to sell builds rapidly.

Darkfost noted the market hasn’t reached that point yet, suggesting the current structure still favors buyers. “It feels like we’re just getting warmed up,” he said.

Bitcoin News: BTC Price Chart Builds Bullish Base Above $101K

Bitcoin continues to respect a rising support line from early May, hinting at further upside. TradingView data showed an ascending triangle pattern that could lead to a breakout above $106,000.

The 50-hour exponential moving average (EMA) sits near $103,360, while the 200-hour EMA holds at $101,919. Bitcoin remains in a tight channel between both EMAs, indicating neutral momentum.

Meanwhile, the Relative Strength Index (RSI) remains near 43.75—well below overbought conditions.

Schiff’s criticism, while persistent, contrasts with sustained institutional and retail interest. Notably, firms like MicroStrategy continue to add BTC to their treasuries, reinforcing long-term demand despite price fluctuations.

“If you want to buy Bitcoin, then buy Bitcoin,” Peter Schiff concluded, warning investors against BTC-heavy equities.

Still, with whales securing profits and short-term holders staying green, BTC could soon face a directional move. BTC Price’s breakout above $106,000 could open the path to $110,000. However, rising sell pressure may also test the $101,900 support zone.

The post Bitcoin News: Peter Schiff Says ‘Buy BTC’ As Whales Cash Out appeared first on The Coin Republic.