Peter Schiff Congratulates Bitcoin Whales, No Sarcasm
07/08/2024 16:24
Peter Schiff admits you can get rich off Bitcoin, but there's a catch
Bitcoin (BTC) began the new week on a downward trend, trading at $54,404. Over the past 24 hours, the cryptocurrency's minimum was $54,481, and its maximum reached $58,371. Since the start of the month, Bitcoin has declined by over 11%.
Crypto skeptic Peter Schiff noted that recent trading patterns and ETF inflows suggest that experienced investors are selling BTC on the spot market, while less experienced investors are purchasing it through ETFs. He implied that whales have strategically positioned ETF investors to bear the brunt of potential losses.
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Based on the trading patters and ETF inflows, it looks like the smart money is selling #Bitcoin in the spot market while the dumb money is buying it through ETFs. Congratulations to the Bitcoin whales for pulling this off. They set up #BitcoinETF investors to be the bag holders.
— Peter Schiff (@PeterSchiff) July 7, 2024
Despite this, Schiff still pointed out that many people who profited from Bitcoin did so more by luck than by skill.
What's up with Bitcoin ETFs?
Last trading day, on July 5, Bitcoin ETFs saw a net inflow of over $143 million. Most of this came from Fidelity Investments, whose FBTC received $117.4 million. This fund now has $9.65 billion in assets, making it the third-largest Bitcoin ETF in the U.S.
Bitwise's BITB received over $30 million, with almost $2.1 billion in assets. VanEck’s HODL took in $12.8 million and holds nearly $600 million in assets.
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Other Bitcoin ETFs, including those from BlackRock, Franklin Templeton and Valkyrie Digital Assets, reported no significant changes in inflows or outflows.
As things stand, fear, uncertainty, doubt and greed continue to influence market sentiment around Bitcoin ETFs and other crypto investment products.