Peter Schiff Trains His Guns At Bitcoin Spot ETFs Once Again: What Happens 'When Buyers Get Tired Of Waiting And Become Sellers Too?'
Portfolio Pulse from Aniket Verma
Economist Peter Schiff criticized Bitcoin spot ETFs, questioning their impact on Bitcoin's price, which has remained stagnant despite ETF buying. Schiff raised concerns about potential sell pressure if ETF buyers lose patience. Cryptocurrency analyst James Van Straten countered, attributing the downturn to basis trading and noting that ETF buyers are still in profit.
June 18, 2024 | 4:18 am
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NEGATIVE IMPACT
Peter Schiff criticized Bitcoin spot ETFs, questioning their impact on Bitcoin's price, which has remained stagnant despite ETF buying. Schiff raised concerns about potential sell pressure if ETF buyers lose patience.
Schiff's comments highlight concerns about the sustainability of Bitcoin's price if ETF buyers decide to sell, potentially leading to downward pressure on BTCUSD.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Peter Schiff suggested that funds used to buy new Ethereum spot ETFs might come from existing Bitcoin ETFs, potentially impacting Bitcoin's price.
Schiff's comments imply that the launch of Ethereum spot ETFs could attract investment away from Bitcoin ETFs, potentially benefiting ETHUSD.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50