Bitcoin has fallen below the $80,000 threshold, prompting economist Peter Schiff to warn of a potential further decline to $75,000. On October 24, Schiff flagged $75,000 as the likely next support level if bitcoin fails to hold above that mark, noting particular concerns for exchange-traded fund investors who face trading limitations over the weekend.
On October 24, bitcoin traded as low as approximately $79,146, marking its lowest price in more than a month. The asset recovered to trade around $80,614 as of the article's writing, down approximately 2.3 to 2.5 percent over 24 hours.
Weakness in Tech Stocks as a Factor
Schiff's outlook reflects concerns about weakness in technology and artificial intelligence-related stocks. He cited similarities between bitcoin's resilience and a potential warning sign, noting that gold had also fallen below $4,000 during the same period. His analysis suggests technology sector pressure may be affecting cryptocurrency valuations.
ETF Withdrawals Signal Shifting Demand
U.S. spot bitcoin ETF withdrawals totaled $635.49 million on October 22, with BlackRock's IBIT shedding $254.05 million and Fidelity's FBTC declining $217.46 million. An additional $137.9 million withdrew from the category on October 23. These outflows reversed three prior sessions that had attracted more than $1 billion in net inflows.
The timing mismatch between bitcoin's continuous trading and the limited weekend hours for ETF trading creates operational risk for investors. While bitcoin markets remain open continuously, U.S.-listed ETF shares can only be traded during regular market hours, meaning ETF investors cannot adjust positions once markets close on Friday.
