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“They made Bitcoin ETF investors the holders of their bags”
Peter Schiff Says ‘Smart Money Is Selling’ and Dumb Money Is Buying It Via ETFs: ‘They’re Making Bitcoin ETF Investors Hold Their Bags’
Economist and enthusiast Bitcoin (CRYPTO: Bitcoin) critical Pierre Schiff recently expressed concerns that ETF investors would be forced to bear the brunt of losses.
On Sunday, Schiff took the X He shared his observations on current trading trends and Bitcoin inflows into ETFs. He suggested that while “smart investors” are selling Bitcoin in the spot market, “dumb investors” are buying it through ETFs.
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In what seemed like a cheeky remark, Schiff praised Bitcoin whales for making ETF investors bag holders, a financial slang term used for those who hold underperforming assets.
Based on trading trends and ETF inflows, it appears the smart money is selling #Bitcoin on the spot market while dumb money buys it via ETFs. Kudos to the Bitcoin whales for pulling this off. They set up #BitcoinETF Investors must be the holders of the bags.
— Peter Schiff (@PeterSchiff) July 7, 2024
Schiff’s post comes in the wake of continued Bitcoin stress, compounded by potential billion-dollar sales of King Crypto by the Tokyo-based cryptocurrency exchange. Mount Gox.
Schiff said last week that 70% of those who bought Bitcoin spot ETFs lose money when Bitcoin trades at the $54,000 level. He suggested that a drop below $38,000 would push “100% of Bitcoin ETF buyers” into the red. Schiff expects the real selling to begin at that point, with most crypto ETF speculators likely to capitulate.
Despite one of the biggest market crashes, the 11 US-listed Bitcoin ETFs saw net outflows of $143 million last Friday.
Schiff has been vocal in 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 past 24 hours, according to Benzinga Pro data.
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This item Peter Schiff Says ‘Smart Money Is Selling’ and Dumb Money Is Buying It Via ETFs: ‘They’re Making Bitcoin ETF Investors Hold Their Bags’ originally appeared on Benzinga.com
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