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.

READ MORE:

BREAKING: Telegram CEO Durov Speaks Out After Shocking Arrest in France

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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.