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“They created Bitcoin ETF investors to make them stock holders”
Peter Schiff Says ‘Smart Money Is Selling’ and Dumb Money Is Buying Through ETFs: ‘They Set Up Bitcoin ETF Investors to Be Portfolio Holders’
Economist and convinced Bitcoin (CRYPTOPHORUS: BTC) critical Peter Schiff have recently expressed concern that ETF investors will bear the brunt of the losses.
On Sunday, Schiff went to X to share his observations on current trading patterns and inflows into Bitcoin ETFs. He suggested that while “smart money” is selling Bitcoin on the spot market, “dumb money” is buying it through ETFs.
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In what seemed like a cheeky quip, Schiff congratulated the Bitcoin whales for turning ETF investors into “bag holders,” a financial term for those who hold poorly performing assets.
Based on trading patterns and ETF inflows, it looks like the smart money is selling #Bitcoin in the spot market while dumb money is buying it through ETFs. Congratulations to the Bitcoin whales for making it. They created #BitcoinETF investors must be the holders of the bag.
— Peter Schiff (@PeterSchiff) July 7, 2024
Schiff’s post comes on the heels of Bitcoin’s ongoing stress, compounded by the Tokyo-based cryptocurrency exchange King Crypto’s potential sell-off of billions. Mount Gox.
Schiff said last week that 70% of those who bought spot Bitcoin ETFs are losing money as Bitcoin trades at $54,000. He suggested that a drop below $38,000 would push “100% of Bitcoin ETF buyers” into the red. Schiff expects the real sell-off to begin at this point, with most cryptocurrency ETF speculators likely to capitulate.
Despite seeing one of the market’s biggest drops, the 11 U.S.-listed spot Bitcoin ETFs saw net outflows of $143 million on Friday.
Schiff has been outspoken about his belief that the cryptocurrency bear market is far from over, predicting further declines for the world’s largest cryptocurrency, Bitcoin.
Price Action: At the time of writing, Bitcoin was trading at $54,694.25, down 5.64% in the last 24 hours, according to data from Benzinga Pro.
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This article Peter Schiff Says ‘Smart Money Is Selling’ and Dumb Money Is Buying Through ETFs: ‘They Set Up Bitcoin ETF Investors to Be Portfolio Holders’ originally appeared on Benzinga.com
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