The sell-off by long-term Bitcoin holders to "paper hands" will exacerbate future price declines.

According to a report by Cointelegraph, gold investor and economist Peter Schiff stated that the shift of Bitcoin from long-term holders (i.e., "OG") to "paper hands" will lead to more severe market pullbacks in the future.

Peter Schiff stated on Saturday that Bitcoin "has finally reached its IPO moment," and the Bitcoin market now has sufficient liquidity for long-term holders to cash out and exit. He added, "Such a large amount of Bitcoin has moved from strong hands to paper hands, which not only increases the circulating supply but also means that future sell-offs will be more intense." He believes that because new holders lack conviction, they will sell as soon as problems arise, thus exacerbating the market decline.

Previously, whales and other long-term Bitcoin holders sold more than 400,000 BTC in October, creating huge selling pressure and causing the price of BTC to fall below $85,000.

Behaviors of well-known investors:

Robert Kiyosaki, author of "Rich Dad, Poor Dad," announced on Friday that he had sold his entire Bitcoin holding, worth approximately $2.25 million. He stated that he bought BTC at around $6,000 per coin and sold it at around $90,000. He plans to invest the profits in businesses that generate cash flow. He emphasized that he remains optimistic about Bitcoin and will use its positive cash flow to continue purchasing more BTC.

Owen Gunden: One of the earliest long-term Bitcoin holders, Owen Gunden, sold all 11,000 BTC in October and November, worth approximately $1.3 billion.

Analysts at cryptocurrency exchange Bitfinex stated that continued selling pressure from long-term holders and leveraged liquidations in the crypto derivatives market were the main factors driving the short-term price decline. However, they also pointed out that Bitcoin's fundamentals remain strong and it remains attractive to institutional investors.