Blog

Peter Schiff Says ‘Smart Money Is Selling’ And Dumb Money Is Buying It Through ETFs: ‘They Set Up Bitcoin ETF Investors To Be The Bag Holders’

Jul 9, 2024 | blog

Peter Schiff Says 'Smart Money Is Selling' And Dumb Money Is Buying It Through ETFs: 'They Set Up Bitcoin ETF Investors To Be The Bag Holders'

Peter Schiff Says ‘Smart Money Is Selling’ And Dumb Money Is Buying It Through ETFs: ‘They Set Up Bitcoin ETF Investors To Be The Bag Holders’

Economist and staunch Bitcoin (CRYPTO: BTC) critic Peter Schiff not too long ago expressed issues over ETF buyers being set as much as bear the brunt of losses.

On Sunday, Schiff took to X to share his observations on the present buying and selling patterns and ETF inflows of Bitcoin. He steered that whereas the “smart money” is promoting Bitcoin within the spot market, the “dumb money” is shopping for it by ETFs.

Don’t Miss:

In what appeared like a cheeky comment, Schiff congratulated the Bitcoin whales for setting ETF buyers to be the bag holders, a monetary slang used for individuals who maintain on to poorly performing belongings.

Schiff’s publish comes within the wake of Bitcoin’s ongoing stress, compounded by potential sell-offs of billions value of King Crypto from Tokyo-based cryptocurrency alternate Mt. Gox.

Schiff said final week that 70% of those that purchased spot Bitcoin ETFs are shedding cash when Bitcoin trades on the $54,000 degree. He steered {that a} decline under $38,000 will push “100% of Bitcoin ETF buyers” into the purple. Schiff expects the true promoting to begin at this level, with most cryptocurrency ETF speculators prone to capitulate.

Despite recording one of many greatest market crashes, the 11 U.S.-listed spot Bitcoin ETFs recorded internet outflows of $143 million final Friday.

Schiff’s has been vocal about his perception that the cryptocurrency’s bear market is much from over, predicting additional downsides for the world’s largest cryptocurrency, Bitcoin.

Price Action: At the time of writing, Bitcoin was exchanging palms at $54,694.25, down 5,64% within the final 24 hours, in line with knowledge from Benzinga Pro.

Read Next:

“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” buying and selling software: Benzinga Pro – Click right here to begin Your 14-Day Trial Now!

Get the most recent inventory evaluation from Benzinga?

This article Peter Schiff Says ‘Smart Money Is Selling’ And Dumb Money Is Buying It Through ETFs: ‘They Set Up Bitcoin ETF Investors To Be The Bag Holders’ initially appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.

MoneyMaker FX EA Trading Robot

powered by qhost365.com

Finance.yahoo.com