Bitcoin News Today: Peter Schiff’s Ethereum Warning and Bitcoin Praise Shake Up Market Sentiment

Bitcoin price today hovers just above $118,000, showing resilience amid swirling narratives in the crypto space. The market was stirred this week after gold advocate and longtime Bitcoin critic Peter Schiff unexpectedly endorsed Bitcoin over Ethereum, igniting a fresh debate about which crypto asset holds stronger long-term potential.

At the center of the buzz is Schiff’s suggestion that investors should “sell Ethereum and buy Bitcoin,” a position based not on newfound affection for BTC but rather on technical chart patterns and perceived structural risks in Ethereum’s ecosystem.

Bitcoin (BTC) was trading at around $118,237, down 0.64% in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

While Ethereum surged to $3,800, its highest level since January, Bitcoin has held steady, maintaining its upward trend despite outflows from spot ETFs. Schiff’s statements come during a time of relative strength for BTC, which remains the dominant digital asset in terms of market cap and institutional recognition.

Ethereum (ETH) was trading at around $3,607, down 3.83% in the last 24 hours at press time. Source: Ethereum Liquid Index (ELX) via Brave New Coin

Despite Ethereum’s recent 66% rally over the past month—fueled by more than $2.1 billion in inflows to U.S.-based Ethereum ETFs—Bitcoin continues to outperform in broader investor sentiment. Bitcoin ETF news indicates $131 million in outflows in the same period, but the price has shown minimal downside, signaling strong underlying support.

Peter Schiff’s call leans on the ETH/BTC pair, which has slipped to 0.031—towards the lower end of its 5-year range. Schiff interpreted this as Ethereum being in a structural bear market against Bitcoin, claiming its latest price jump is merely a “bear market rally.” In contrast, Bitcoin’s charts remain constructive, with technical indicators like the RSI hovering in a neutral range—leaving room for continued upside.

The BTC/USD 30-min chart indicates a possible rebound from the $116,187 support zone, with a bullish setup targeting the $121,640 area after a brief pullback. Source: Forex_Vip_Signals on TradingView

Crypto analyst Benjamin Cowen disputed Schiff’s claim, noting that ETH had likely already bottomed relative to BTC. “Schiff is always late to the party,” Cowen wrote, citing past calls where Schiff inaccurately predicted Bitcoin’s collapse.

With the next Bitcoin halving set for 2025, long-term investors are positioning for the historical trend of post-halving rallies. Bitcoin whale alerts suggest accumulation continues, especially as institutional players rebalance portfolios in response to macroeconomic uncertainty.

Ethereum, meanwhile, is seeing signs of profit-taking, with nearly 519,000 ETH (worth $1.92 billion) queued for validator exits. This raises questions about the sustainability of ETH’s current momentum despite strong ETF demand.

Schiff—who once labeled Bitcoin as “fool’s gold”—now calls it a better store of value than Ethereum, citing fewer competitive threats. “Ethereum has more acknowledged competition for its use case,” Schiff noted, referring to rival Layer-1 platforms like Solana and Avalanche. He emphasized that his preference for Bitcoin wasn’t ideological but rather technical: “I’m just looking at the charts.”

Ether is nearing the top of its trading range, and rotating into Bitcoin may currently offer a more favorable risk-reward trade. Source: Peter Schiff via X

Critics, however, argue that Ethereum’s growing utility in smart contracts, staking, and DeFi make it more than just a speculative asset. Corporate treasuries like SharpLink and BitMine have allocated billions in ETH holdings, staking large portions to earn passive income—a move suggesting confidence in Ethereum’s productivity as a digital commodity.

The crypto community remains split. Some traders echo Schiff’s warning, viewing Bitcoin as the safer long-term bet. Others highlight Ethereum’s dynamic use cases and record-breaking ETF inflows as signs of deeper institutional adoption.

Bitcoin’s narrative as a hedge against inflation and “digital gold” remains strong, especially as global liquidity expands and traditional assets face volatility. Meanwhile, Ethereum’s more versatile functionality is drawing in tech-focused investors, despite Schiff’s warnings.

While Peter Schiff’s surprising endorsement of Bitcoin over Ethereum stirred the pot, the market has yet to fully align with his outlook. Bitcoin’s price prediction remains bullish in the long term, particularly with halving and rising macroeconomic pressures ahead.

Whether Schiff’s call marks a rare win or another mistimed forecast will depend on how the ETH/BTC ratio evolves and whether Ethereum’s momentum stalls. For now, Bitcoin remains the favored crypto asset for investors seeking long-term stability and institutional confidence.

Stay tuned for more Bitcoin news today as the market continues to weigh Schiff’s bearish stance against broader bullish signals across the crypto landscape.