Gold advocate and economist Peter Schiff said on social media this week that the bitcoin bear market has a long way to go and is currently "at a key support level" where the price could fall significantly if that support falters. Peter Schiff attributed bitcoin's decline in part to Mt. Gox repaying related sales, but argued that it also exposed "the myth of institutional demand". He said that if such demand did exist, buyers would seize the opportunity to buy Mt. Gox bitcoins off the counter. Peter Schiff also commented on the spot Bitcoin ETF, arguing that although Bitcoin ETF buyers are still holding, there are no signs of panic yet. Based on trading activity, it appears that Bitcoin ETF buyers are still holding. So far, there are no signs of panic yet. Bitcoin will likely need to fall sharply before they finally capitulate. This could happen as early as next week, especially after another massive sell-off this weekend.