Peter Schiff, public enemy number two to cryptocurrency, had everyone’s attention when he made a shocking move. He was the first bitcoin maximalist, advising people to sell their ETH and convert to BTC. This innocuous-sounding call raised the hackles of many analysts and investors, sparking a nasty and ongoing feud. Now they’re poking holes into Schiff’s justification for his reversal and testing the accuracy of his assertions. BlockchainShock further explores the arguments for and against Schiff’s advice, offering both sides of the issue to help you make the most informed investment decision.
Schiff's Rationale: Why Bitcoin Over Ethereum?
Schiff's recommendation stems from several key observations. He’s referring, first and foremost, to competition in the decentralized finance (DeFi), staking, and other areas that Ethereum largely pioneered, now overflowing with players. Per Schiff, this increased competition is one of the main dangers Ethereum faces to its long-term growth and success. Through it all, he argues that Bitcoin still reigns as the top digital asset. This dominance makes it a safer and more attractive investment than Ethereum.
Schiff's analysis incorporates technical chart patterns. It’s his opinion that Ethereum is trading near the top. Now might be the best opportunity you have to sell. Beyond technical hurdles, he sees an inherent structural risk in the Ethereum ecosystem, reinforcing his reasons to favor Bitcoin over the long haul. Schiff thinks Ethereum is still much more embedded Bitcoin in a bear market. As he notes, the trend is that Bitcoin is now stabilizing around $60,000.
Counterpoints and Expert Opinions
As much as Schiff’s view should be respected, we need to hear the other side of the coin. Crypto analyst Benjamin Cowen is totally unprepared to accept Schiff’s assertion. He indicates that ETH has likely already seen its bottom against BTC. Of course, Cowen has attacked Schiff for what he sees as a track record of bad faith predictions on Bitcoin’s inevitable crash.
Other critics contend that Ethereum’s usefulness is indeed growing. They say that for smart contracts, staking, and DeFi applications, it’s far more than a speculative asset. They argue that Ethereum's diverse use cases provide a strong foundation for future growth, contradicting Schiff's assertion that ETH faces more competition for its use case narrative compared to Bitcoin. That’s not the view of Mike Novogratz, another large crypto investor who believes Ethereum is likely to overtake Bitcoin pretty soon.
Technical Analysis: Supporting or Refuting Schiff's Claims
From a general, longer-term investment perspective, technical analysis has a powerful role to play in reframing Schiff’s investment recommendation. Technical analysis is based on the assumption that market prices already incorporate all known information. That by analyzing price structures and trends, we can forecast future market direction. It focuses on historical performance, specifically price and trading volume over time, to gauge market sentiment and make predictions about future trends.
Using Japanese candles in trading is all about common sense. You’ll find the most power in how you apply it to discern patterns and trends. If you use moving averages, such as a weekly moving average, you can see the trends. They provide strong indicators of when to buy and sell. As of writing on July 24, 2025, Ethereum sits at about $3,600. It is inevitable that a price that has been continuously falling all year will produce some fabulous buying opportunities.
Whale Activity: A Sign of Things to Come?
Whale-sized investors are capable of shifting large amounts of cryptocurrency with a single transfer, and their activity can be assumed to represent big-money investor movements. Whales can choose to time their activity to take advantage of a surge in the market or actively work to manipulate prices to benefit themselves.
In a recent example, this was a very large transfer of 50,600 ETH, currently worth around $181 million. This transference, as seen from HTX to Binance, is a signal of an overall shift in the market. Over the past week, a cumulative 160,600 ETH has streamed from HTX to Binance. SharpLink just acquired 4,904 ETH increasing their total buy on the chain to 157,140 ETH since July 1. No doubt, these movements represent historic shifts in how investors are feeling about climate risk and positioning their portfolios accordingly. Consequently, they would impact Ethereum and Bitcoin’s future price trajectory.
Investors should not rely solely on the information provided and should seek out other relevant information and perform your own due diligence.
