- Bitcoin ETFs have been experiencing negative flows in recent days, a trend that renowned Bitcoin critic Peter Schiff predicts could bear heavily on the cryptocurrency’s price.
- According to Schiff, the market for Bitcoin ETFs is currently imbalanced, with a surplus of investors and a dearth of buyers, a situation he believes could put significant downward pressure on the price of Bitcoin.
- In the last 10 days, Bitcoin ETFs in the U.S. have seen an outflow of $230 million, coinciding with a 5% drop in the Bitcoin price from $63,000 to below $60,000.
Renowned Bitcoin critic Peter Schiff predicts negative flows in Bitcoin ETFs could put significant downward pressure on the cryptocurrency’s price. The imbalance in the market, with a surplus of investors and a dearth of buyers, could be a cause for concern.
Dr. Doom Peter Schiff expects BTC ETF outflows to put pressure on price
Noted Bitcoin critic Peter Schiff has expressed concern over the current state of the Bitcoin ETF market. According to Schiff, the market is imbalanced, with an excess of investors and a lack of buyers. This imbalance, he warns, could put significant downward pressure on the price of Bitcoin.
Bitcoin ETFs controlled by paper hands?
The nature of the first generation of Bitcoin ETF holders is currently a topic of debate. Some analysts believe that only “paper hands” have entered the segment, while confident holders are yet to come. This could potentially explain the recent outflows from Bitcoin ETFs and the subsequent drop in Bitcoin’s price.
Recent outflows from Bitcoin ETFs
In the last 10 days, Bitcoin ETFs in the U.S. have seen an outflow of $230 million. This outflow coincided with a 5% drop in the Bitcoin price, which plunged from $63,000 to below $60,000. This trend has raised concerns about the potential impact of ETF outflows on the price of Bitcoin.
Conclusion
Given the recent outflows from Bitcoin ETFs and the subsequent drop in Bitcoin’s price, it’s clear that the market for Bitcoin ETFs can have a significant impact on the price of the cryptocurrency. As such, investors should keep a close eye on these trends as they could provide important insights into the future price movements of Bitcoin.
