SkyBridge founder Anthony Scaramucci told Bitcoin holders to keep their heads after the king coin slid into the low $72,000s over the weekend, arguing that a shift in sentiment doesn’t change the underlying asset.
Posting on X, Scaramucci framed the rout as an emotional reaction rather than a fundamental reversal: “Bitcoin got us to $126,000. So now we feel terrible at $72,000.” He stressed that someone who owned one BTC before the rally still owns one BTC after the drop, urging investors to separate short-term price swings from long-term conviction and to avoid decisions driven by fear.
The pullback was dramatic. Bitcoin printed a large red candle early Sunday and touched a low near $71,349, triggering a wave of forced liquidations across crypto. Nearly 120,000 traders were liquidated within 24 hours, and about $189.85 million in losses were recorded over a 12-hour span. Leveraged long positions took the brunt of the pain, accounting for roughly $132.80 million of that 12-hour total.
The sell-off intensified an already cautious market mood and gave critics—like longtime Bitcoin skeptic Peter Schiff—fresh ammunition to question the asset’s strength. Scaramucci himself has previously said the market moved into a bear phase earlier this year and adjusted his Bitcoin cycle target down from $170,000 to $150,000, reflecting a more conservative outlook as momentum faded.
He also cited “demographic tension” as a factor slowing adoption, noting that crypto growth still leans heavily on younger investors while older capital tends to move more slowly into the market.
Bottom line from Scaramucci: ignore the short-term noise, steer clear of excessive leverage, and focus on the asset itself rather than reacting to transient losses.
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