Peter Schiff, one of the most vocal Bitcoin detractors, has opined that mass redemptions from Bitcoin exchange-traded funds (ETFs) can be identified as the "biggest risk" for Saylor.
The financial commentator has predicted that mass redemptions would cause the price of the leading cryptocurrency to "go down a lot." In such a case, Strategy (MSTR) shares would go down even more.
According to Schiff, ETF buyers are new to the space, meaning that many of them are not necessarily hardcore core believers.
"They bought as a trade, and may decide to cut their losses when it goes against them. Many are traders, no long-term holders," he added.
As reported by U.Today, the price of Bitcoin collapsed to a multi-month low of $86,141 on Tuesday.
Meanwhile, the shares of MicroStrategy have plunged by more than 11%.
Arman ShirinyanSchiff has slammed Saylor for "recklessly leveraging MSTR to the hilt."
Massive ETF outflows
Even though Schiff's predictions should be taken with a pinch of salt given that he is known as a staunch Bitcoin permabear, there are some signs of Bitcoin ETF investors potentially capitulating.
According to the data provided by SoSoVale, Bitcoin ETFs recorded a record-shattering $1.01 billion worth of outflow in a single day on Tuesday. That said, it is too early to say whether there is a definitive trend.
As reported by U.Today, CryptoQuant CEO Ki Young Ju previously predicted that a new bear market could start if there are prolonged Bitcoin outflows.
Vladislav Sopov
Dan Burgin