Bitcoin
‘They set up Bitcoin ETF investors to be the purse holders’
Peter Schiff Says ‘Smart Money Is Selling’ and Dumb Money Is Buying Through ETFs: ‘They’ve Groomed Bitcoin ETF Investors to Be Bag Holders’
Economist and convinced Bitcoin (CRYPTO: BTC) critical Pedro Schiff recently expressed concerns about ETF investors being set up to bear the brunt of losses.
On Sunday, Schiff went to X to share his observations on the current trading patterns and Bitcoin ETF inflows. He suggested that while the “smart money” is selling Bitcoin in the spot market, the “dumb money” is buying through ETFs.
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In what seemed like a cheeky comment, Schiff congratulated Bitcoin whales for defining ETF investors as bag holders, a financial slang term used for those who hold underperforming assets.
Based on trading patterns and ETF inflows, it appears that the smart money is selling #Bitcoin in the spot market while the dumb money is buying through ETFs. Kudos to the Bitcoin whales for doing this. They set up #BitcoinETF investors to be the holders of the bags.
— Peter Schiff (@PeterSchiff) July 7, 2024
Schiff’s post comes in the wake of ongoing Bitcoin stress, compounded by potential billion-dollar selloffs in Tokyo-based cryptocurrency exchange King Crypto Mount Gox.
Schiff stated last week that 70% of those who bought spot Bitcoin ETFs are losing money as Bitcoin trades at the $54,000 level. He suggested that a decline below $38,000 will push “100% of Bitcoin ETF buyers” into the red. Schiff expects the real selling to begin at this point, with most cryptocurrency ETF speculators likely to capitulate.
Despite recording one of the biggest drops in the market, the 11 US-listed spot Bitcoin ETFs saw net outflows of $143 million last Friday.
Schiff has expressed 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 Benzinga Pro Data.
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This article Peter Schiff Says ‘Smart Money Is Selling’ and Dumb Money Is Buying Through ETFs: ‘They’ve Groomed Bitcoin ETF Investors to Be Bag Holders’ originally appeared on Benzinga.com
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