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Earlier in the week, Bitcoin (BTC) briefly plunged to a four-month low of under $77,000, giving gold advocate Peter Schiff another opportunity to ridicule crypto holders. With Ethereum (ETH) also hitting a 17-month low, slipping below $1,800, the outspoken economist didn’t hold back, questioning the logic behind the U.S. government holding cryptocurrencies as reserve assets. Schiff Trolls Crypto Traders Known for his longtime criticism of Bitcoin in particular and crypto in general, Schiff took to X to poke fun at crypto investors after BTC’s latest downturn. The cryptocurrency’s price had dropped to $76,784, marking a 29% decline from an all-time high of $108,786 attained earlier in the year. Following the dip, Schiff suggested that many so-called crypto millionaires might need to find other work soon. “Now there’s another reason to bring manufacturing back to the United States,” he quipped. “A lot of crypto millionaires are going to need jobs,” he added. Despite the ribbing, some analysts believe Bitcoin’s current correction matches what happened in past bull cycles. In 2017, the asset saw an average correction of 35%, while in 2021, it was 37%. If history repeats, the coin could still fall to $70,000 before stabilizing, a possibility already predicted by BitMEX co-founder Arthur Hayes. He recently told traders to “be f***ing patient,” suggesting that a bottom near $70,000 would be a normal part of the market cycle. Schiff Calls for Saylor’s Ouster as MSTR Tumbles Schiff didn’t stop at Bitcoin’s waning prices. He took aim at MicroStrategy (MSTR), now known as Strategy, which has invested billions in the number one cryptocurrency, calling for the ouster of its Executive Chairman Michael Saylor. Since peaking in November 2024, the firm’s stock has plunged over 55%, prompting Schiff to declare its Bitcoin acquisition plan had failed. “Clearly, the strategy is not working. The company needs a new CEO too. It’s time to fire Saylor,” he wrote. Saylor’s defenders countered, pointing out that MSTR shares had surged 1,500% in the last five years, and still remained up 85% in the last six months. However, the Euro Pacific Capital CEO dismissed their protestations, insisting that insolvency was inevitable for Strategy. “The company is on its way to bankruptcy,” he tweeted. In a separate post, the investment strategist also criticized ETH as well as its spot exchange-traded funds (ETFs). The financial products have plummeted 45% since their launch in July last year, while the world’s second-largest cryptocurrency by market capitalization recently cracked below $1,800, a level last seen in November 2023. The post Peter Schiff’s Time to Shine: Bitcoing Bashing Fiesta as Price Dips to $77K appeared first on CryptoPotato .
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Crypto ETFs Remain Under Pressure With $371 Million in Outflows for Bitcoin and $22 Million for Ether
On Tuesday, March 11, bitcoin ETFs experienced net outflows of $371 million, marking a full week of consecutive withdrawals. Ether ETFs also faced challenges, with $22 million in net outflows, extending their streak to five days. Market Caution Prevails With Bitcoin and Ether ETFs Seeing Continued Withdrawals Investors continued to reassess their positions in bitcoin Crypto Potato
Metaplanet Expands Bitcoin Stash to 3,050 BTC After Buying 162 More
Metaplanet has bought an additional 162 BTC worth $13.5 million. This latest acquisition brings its total Bitcoin holdings to 3,050 BTC. Details of The Purchase CEO Simon Gerovich announced in a Wednesday post on X that the Japanese investment firm spent approximately $13.5 million on the latest buy, paying an average price of $83,123 per coin. At current market rates, Metaplanet’s total Bitcoin holdings are valued at approximately $249.4 million, while the total acquisition cost stands at around $253.7 million. Since launching its Bitcoin acquisition strategy in April 2024, the firm has consistently expanded its holdings. Just a week ago, it purchased 497 BTC for $43.9 million. Other recent buys include 156 BTC for $13.4 million on March 3, 68 BTC for $6.6 million on February 20, and 269 BTC for $26 million on February 17. So far in 2025, Metaplanet has purchased nearly 1,300 BTC. In January, Gerovich announced that the company aims to accumulate 10,000 coins by the end of this year and reach 21,000 by the end of 2026. The firm tracks the effectiveness of its accumulation strategy using Bitcoin Yield (BTC Yield), a key performance indicator that has seen notable fluctuations in recent quarters. Between July and September 2024, Metaplanet posted a 41.7% BTC Yield, which surged to 309.8% in the fourth quarter. So far in 2025, the metric stands at 53.2%. Metaplanet Stock Price Surges Following the latest Bitcoin buy, Metaplanet’s stock price has risen by 8.68% to JPY 3,630, according to Google Finance data . The company has been growing its reserves through its Bitcoin Treasury Operations, which officially became a business line on December 18, 2024. As part of this initiative, Metaplanet’s board of Directors has approved the issuance of its 8th series of ordinary bonds to EVO FUND. The bond issuance, valued at JPY 2 billion (approximately $18.2 million), was announced earlier today and is expected to directly fund further Bitcoin purchases. This development comes just two days after Strategy (formerly MicroStrategy) revealed its plans to raise $21 billion for Bitcoin acquisitions. According to a company notice , this new funding initiative aligns with its January 28 announcement regarding stock acquisition rights, which outlined its plans to issue and sell shares of its 8.00% Series A perpetual strike preferred stock. The post Metaplanet Expands Bitcoin Stash to 3,050 BTC After Buying 162 More appeared first on CryptoPotato . Crypto Potato
