Crypto Critic Peter Schiff Applauds Bitcoin Whales with Genuine Approval
Bitcoin (BTC) kicked off the new week with a downward trajectory, trading at $54,404. In the past 24 hours, the cryptocurrency’s price fluctuated between a low of $54,481 and a high of $58,371. Since the beginning of the month, Bitcoin has experienced a decline of more than 11%.
Peter Schiff, a skeptic of cryptocurrencies, observed that recent trading activities and the influx of funds into exchange-traded funds (ETFs) indicate a trend where seasoned investors are offloading BTC on the spot market, while less experienced investors are acquiring it through ETFs. Schiff suggested that whales, large holders of Bitcoin, have strategically positioned ETF investors to potentially absorb losses.
Despite these dynamics, Schiff also highlighted that many individuals who have profited from Bitcoin have done so more due to luck rather than skill.
On the topic of Bitcoin ETFs, on the last trading day, July 5, these investment vehicles witnessed a net inflow of over $143 million. The majority of this capital came from Fidelity Investments, with their FBTC ETF receiving $117.4 million. This particular fund now boasts assets totaling $9.65 billion, positioning it as the third-largest Bitcoin ETF in the United States.
Bitwise’s BITB attracted over $30 million, accumulating assets nearing $2.1 billion. VanEck’s HODL saw an inflow of $12.8 million and currently holds assets close to $600 million.
In contrast, Bitcoin ETFs offered by BlackRock, Franklin Templeton, and Valkyrie Digital Assets did not report significant changes in fund inflows or outflows.
Presently, market sentiment surrounding Bitcoin ETFs and other cryptocurrency investment products continues to be influenced by factors such as fear, uncertainty, doubt, and greed. These elements play a pivotal role in shaping the perceptions and decisions of investors in the crypto space.
