“Smart Investors” Are Selling Bitcoin, According to Top Economist
10.07.2024 7:00 1min. read Alexander Stefanov
Economist Peter Schiff, known for his skepticism towards Bitcoin (BTC), recently raised concerns about ETF investors facing potential losses.
In a recent statement, Schiff highlighted that while institutional investors are selling Bitcoin in the spot market, retail investors are purchasing it through ETFs.
He sarcastically credited Bitcoin whales for positioning ETF investors as potential “bag holders,” a term referring to those left with declining assets.
Schiff’s remarks follow ongoing market stress, compounded by potential large sell-offs from Mt. Gox.
He previously noted significant losses among Bitcoin ETF buyers, foreseeing more challenges if Bitcoin falls below $38,000.
Despite recent market downturns, US-listed spot Bitcoin ETFs reported significant inflows, indicating a potential rebound amid Schiff’s predictions of continued bearish sentiment for Bitcoin.
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