Peter Schiff Claims Bitcoin Whales Set Up ETF Investors
The post Peter Schiff Claims Bitcoin Whales Set Up ETF Investors appeared on BitcoinEthereumNews.com.
Economist and gold proponent Peter Schiff has come up with another controversial analysis of Bitcoin (BTC) but this time around, it has to do with the Exchange-traded Fund (ETF). Comparing the Smart And Dumb Money Schiff highlighted the current trading patterns and Bitcoin ETF inflows, citing that the “smart money” sells BTC in the spot market. On the other hand, described the “dumb money” investors as those buying Bitcoin through Exchange-traded Funds. Based on the trading patters and ETF inflows, it looks like the smart money is selling #Bitcoin in the spot market while the dumb money is buying it through ETFs. Congratulations to the Bitcoin whales for pulling this off. They set up #BitcoinETF investors to be the bag holders. — Peter Schiff (@PeterSchiff) July 7, 2024 By “smart money”, the anti-crypto businessman was referring to investors currently offloading their Bitcoin holdings on exchanges. The industry has seen quite a number of these so-called smart money moves in the last few weeks. On July 5, two whale addresses “1J22CP…w9Lp3” and “3G98j…HkhN” reportedly offloaded a total of 9,301 BTC on leading cryptocurrency exchange Binance. The previous day, Whale Alert, a prominent on-chain transaction tracker, noted that some other Bitcoin whales moved a hefty amount in BTC that sparked market speculations. Precisely, the whales transferred around $3 billion in BTC in multiple transactions. With these transaction, Bitcoin price noted a sharp decline. Also, activities were spotted on many Bitcoin wallets that have been dormant for several years. Upon reactivation, quite a number of these wallet transferred their Bitcoin holdings to crypto exchanges. The other group of dumb money will include those who are currently buying Bitcoin ETFs of BlackRock, Fidelity, Grayscale, ARK 21Shares, Bitwise, and WisdomTree amongst other. Schiff believes that BTC whales set up Bitcoin ETF investors to be the…
Filed under: News - @ July 8, 2024 12:24 am