What if the next big Bitcoin move isn’t sparked by a halving or ETF flows—but by a crisis in U.S. Treasuries? In a new interview, notorious gold advocate Peter Schiff doubled down on his long-standing call that Bitcoin will “eventually” go to zero, calling it a “gigantic pump-and-dump.” Whether you agree or not, his timing lands as BTC struggles to hold the $110,000 area amid reported selling by early whales and as gold outperforms on a relative basis. That blend of sentiment shock and macro fear matters for positioning—right now.

What’s happening

Schiff reiterated his view that Bitcoin is destined for zero, crediting early adopters with selling a compelling story to the public. He argues the real crisis is building in U.S. Treasuries, not mortgages—predicting a run on government debt and waning demand for the U.S. dollar.

At the same time, 10x Research notes persistent selling by “O.G.” whales, pressuring BTC’s attempt to hold $110,000. In relative terms, Schiff points out Bitcoin is roughly 30% down vs. gold from its peak, as gold continues to post all-time highs. That mix of whale distribution and macro angst is a clear crosswind for crypto beta.

Why this matters to traders

- If Treasury yields rise on poor demand, broader liquidity can tighten, historically pressuring risk assets, including crypto. - Whale distribution into strength often precedes range tops or prolonged chop; it raises the bar for sustainable breakouts. - Underperformance vs. gold signals a rotation toward “hard collateral” amid macro stress—useful for relative-value and hedge decisions.

Key signals to track

• UST 10Y yield/term premium: Rising yields without growth = liquidity drag risk.
• BTC whale netflows: Large positive exchange inflows can precede supply overhang.
• Perp funding and basis: Elevated long bias + rising open interest increases flush risk.
• BTC/gold ratio: Continued deterioration favors defensive tilt or hedges.

Actionable playbook

• Define invalidation: If $110,000 fails on strong volume, consider trimming leverage or hedging spot with short-dated puts.
• Stagger entries: Use laddered bids below market and scale—avoid all-in exposure during liquidity stress.
• Hedge tactically: Collars (long put + covered calls) can protect downside while monetizing elevated IV on spikes.
• Watch flows into Treasuries and DXY: A sharp dollar bid or weak auction demand can front-run risk-off in crypto.
• Stay data-driven: Track whale behavior, exchange reserves, and realized profit/loss to gauge distribution vs. absorption.

Risks and opportunities

- Risk: A genuine Treasury funding scare could compress liquidity faster than models anticipate, amplifying crypto drawdowns. - Opportunity: If BTC holds above $110,000 despite whale selling and rising yields, that resilience can force late short covering—favoring breakout continuation.

Bottom line

You don’t need to agree with Schiff to use the moment: treat his call as a sentiment stress test. If whales keep distributing and macro tightens, prioritize risk control and hedges. If BTC shrugs off the fear and defends key levels, lean into strength—patiently and with clear invalidations.

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