Peter Schiff, a prominent investor and renowned Bitcoin hater, has criticized BTC ETFs, arguing that their recent performance reveals a misguided enthusiasm.
In a recent commentary, Schiff highlighted a notable discrepancy in returns between Bitcoin and gold ETFs. Bitcoin ETFs have only gained about 17% since their debut in January, while gold ETFs have risen over 24%, despite significant outflows. According to Schiff, this contrast suggests that investors erred in favoring Bitcoin ETFs.
Schiff, who has consistently criticized Bitcoin ETFs, views cryptocurrencies as fundamentally flawed assets lacking intrinsic value. His remarks come at a challenging time for the Bitcoin sector, as the cryptocurrency’s price continues to struggle.
His comments coincide with ongoing issues for spot Bitcoin ETFs, which experienced net outflows totaling $37.29 million on September 4, marking a sixth consecutive day of withdrawals. Grayscale’s GBTC ETF, once a major player, saw a net outflow of $34.25 million on the same day, accumulating a staggering $19.94 billion in total net outflows.
In contrast, the Bitwise ETF BITB managed to attract a net inflow of $9.46 million on September 4, but this was insufficient to counter the broader outflow trend.
Louisiana has become the latest U.S. state to accept cryptocurrency payments for state services.
CryptoQuant, a prominent market research firm, has observed a notable decline in the supply of short-term holders (STH) of Bitcoin (BTC), which may hinder the cryptocurrency’s potential price surge.
U.S. Congressman Warren Davidson has vocally criticized SEC Chair Gary Gensler, accusing the SEC of deliberately hindering Bitcoin ownership.
Michael Saylor’s MicroStrategy continues to expand its Bitcoin reserves, showing their undeniable optimism for the crypto market bull run.