Peter Schiff Criticizes Bitcoin ETFs Amid Ongoing Outflows

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.

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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.

Alexander Stefanov