here’s why he is wrong
The post here’s why he is wrong appeared on BitcoinEthereumNews.com.
Bitcoin’s post-halving consolidation has prompted cynical rhetoric from popular crypto naysayer Peter Schiff. Bitcoin (BTC) skeptic Peter Schiff suggested that the value proposition driving spot BTC ETF demand might quickly fade, contradicting expert predictions and market performance so far. BTC has grown over 55% year-to-date (YTD), but Schiff noted that the token has traded sideways for over three months and posted minuscule gains for spot Bitcoin ETF investors. BTC price movement in the last three months | Source: IntoTheBlock Spot exchange-traded funds track the price of an underlying asset. In this case, the asset is BTC, and profits are tied to increments in the cryptocurrency’s price. Schiff’s statement about BTC’s sideways price patterns may be true, but the assertion perhaps lacks context. Bitcoin has surged nearly 70% since the U.S. Securities and Exchange Commission (SEC) approved spot BTC ETFs. Additionally, BTC’s multi-week consolidation is not new following a halving. The asset transitioned from an accumulation phase into a parabolic run during the last two cycles at least. BTC post-halving progression | Source: IntoTheBlock Growing institutional Bitcoin demand BlackRock and Fidelity’s respective spot BTC ETFs made the best debuts in over 30 years on Wall Street. Within weeks, both funds amassed over $10 billion in assets under management (AUM). Despite billions in demand, Schiff scrutinized Bitcoin’s bullish thesis and price progression. “ If ETF investors have been buying, who has been selling, and why?” Meanwhile, Bloomberg’s ETF expert Eric Balchunas has repeatedly spoken about capital flows from futures ETFs into spot BTC funds. The halving’s change in dynamics also saw some sell-offs from crypto miners to maintain cash reserves. I’ve said it before and I’ll say it again, the call is coming from inside the house holmes. This is not ETFs doing, obv bc they buying like crazy lately, it’s bitcoin holders…
Filed under: News - @ June 18, 2024 9:22 pm