When will Bitcoin return to $90,000? Whales withdraw from CEX, leverage heats up, and Peter Schiff once again turns bearish

As Bitcoin prices approach the $90,000 mark again, market sentiment shows a clear divergence. On one hand, on-chain data indicates that whales are withdrawing Bitcoin from mainstream exchanges; on the other hand, leverage levels in the derivatives market continue to rise, and long-term Bitcoin critic Peter Schiff has once again publicly warned investors to reduce risk exposure during rebounds.

In his latest comments, Schiff stated that Bitcoin’s rebound to near $90,000 is not a buy signal, but rather a window for holders to reassess risk and consider reducing their positions. He emphasized that his view is more focused on risk management rather than short-term trading opportunities, maintaining his usual bearish stance on Bitcoin. This stance also aligns with the current overall market activity being relatively low. Data shows that since December, although Bitcoin prices have remained relatively stable, spot market participation has been limited, and the rebound lacks broad funding support.

It is noteworthy that while spot market sentiment remains cautious, the crypto derivatives market presents a different picture. During December, leverage trading volumes for Bitcoin and Ethereum continued to expand, and open interest in futures contracts increased slightly. Several major exchanges maintained high levels of open interest, with Gate showing particularly significant growth. Funding rates remain positive, indicating that longs need to pay ongoing costs to maintain their positions, reflecting that some traders still bet on further Bitcoin price appreciation.

On-chain data offers another perspective. In a short period, two newly created wallets have withdrawn large amounts of Bitcoin from centralized exchanges, sparking speculation about the movements of institutions or large investors. Some believe that Bitcoin outflows from exchanges are generally bullish signals because circulating supply decreases; however, analysts also point out that individual address behavior alone is insufficient to determine overall trends and should be considered alongside long-term holder changes and net exchange outflows.

Overall, Bitcoin is currently in a phase of a tug-of-war between bulls and bears. Rising leverage levels combined with ample funding could amplify risks during price volatility. If the rally fails to continue upward, forced liquidations or whale sell-offs could further pressure prices downward. Under the influence of Schiff’s warnings, whale fund movements, and increasing leverage trading, Bitcoin’s short-term trend remains uncertain.