- Peter Schiff advised investors to sell Ethereum and buy Bitcoin, saying ETH has limited upside.
- Ethereum recently surged to $3,700 after strong ETF inflows and corporate purchases.
- Crypto firms and analysts disagreed with Schiff and backed Ethereum’s long-term potential.
Long-time Bitcoin critic Peter Schiff has once again sparked debate in the crypto space, advising investors to consider selling Ethereum (ETH) in favor of Bitcoin (BTC). Despite Ethereum’s recent rally to $3,700, its highest level since January, Schiff maintains that ETH is in a bear market relative to Bitcoin and has limited upside.
In a post on X, Schiff stated that Ether’s current position near the upper end of its trading range indicates a short-lived rally rather than the start of a sustained uptrend. He described the current market as an opportunity to exit Ethereum and rotate into Bitcoin. Schiff clarified that his analysis is based on technical chart patterns rather than personal bias.
Ethereum ETF Inflows Fuel Price Surge
Schiff’s comments came just as Ethereum posted a 25% weekly gain and a 7% rise year-over-year. The price increase is attributed to strong inflows into spot Ethereum ETFs and renewed institutional interest. Companies like BitMine and SharpLink Gaming have added large ETH reserves to their corporate balance sheets.
Public filings confirm that SharpLink holds over $1 billion worth of Ethereum, with a portion staked on the network to earn yield and enhance security. This signals a long-term commitment to Ethereum despite Schiff’s bearish view.
Crypto Community and Analysts Push Back
Schiff’s statements were quickly met with pushback from the crypto community. SharpLink Gaming responded by mocking his post and replacing his call to sell ETH with a promotion to stake it. The company emphasized Ethereum’s role as a productive asset rather than a speculative trade.
Crypto analyst Benjamin Cowen also weighed in. He shared a chart of the ETH/BTC pair and noted that Schiff made his bearish call after the pair had already bottomed out, suggesting poor timing on Schiff’s part.
Disclaimer
The content shared on KryptoVaultDaily is for informational purposes only and does not constitute financial or trading advice. We do not offer guarantees and assume no responsibility for investment decisions based on the material provided. Always research and seek guidance from a licensed financial advisor before trading cryptocurrency or investing.
