Bitcoin is seeing a shift in ownership as long-term holders, or “OGs,” are selling to weaker hands, increasing liquidity in the market and potentially causing larger future selloffs, according to gold investor Peter Schiff.

Whales and long-term holders dumped over 400,000 BTC in October, contributing to a price crash below $85,000, sparking debate on the market’s direction and potential for a bear market.

High-profile holders like Owen Gunden and Robert Kiyosaki are cashing out billions worth of BTC, with Kiyosaki reinvesting profits into income-producing businesses, signaling a shift in ownership dynamics.

The short-term drawdown in Bitcoin prices is driven by long-term holders cashing out and leveraged liquidations, but institutional demand remains strong, while retail investors may drive a 70% price drawdown in the next bear market.

Read more at Cointelegraph: Bitcoin Whales Selling to ‘Weak’ Hands Bad for Price: Peter Schiff