Aggregate Bitcoin ETF flows have been negative in recent days. Staunch anti-Bitcoiner Peter Schiff predicts this could be particularly bearish for the BTC price.
Aggregate Bitcoin ETF flows have been negative in recent days. Staunch anti-Bitcoiner Peter Schiff predicts this could be particularly bearish for the BTC price.
Dr. Doom Peter Schiff Expects BTC ETF Outflows to Put Pressure on Price
In May 2024, the Bitcoin ETF market is unbalanced, with too many investors and almost no buyers. Meanwhile, the supply of potential sellers is large, which is very dangerous for the price behavior of Bitcoin (BTC), says “Gold Bug” Peter Schiff.
The launch of spot Bitcoin ETFs in the US in January was accompanied by the opposite situation: “there were no sellers, only buyers,” Schiff admits.
While interest in buying spot Bitcoin ETFs is stagnant, this imbalance could put significant pressure on the price of Bitcoin (BTC) in the near term.
In the last 10 days, US Bitcoin ETFs recorded an outflow of $230 million. As Guru-Investingpreviously reported, May 1 was the “worst day” for space, with $563.7 million wiped in 24 hours.
This exit coincided with a 5% drop in the price of Bitcoin (BTC), which fell from $63,000 to below $60,000.
Bitcoin ETFs controlled by paper hands?
The discussion about the nature of the first generations of Bitcoin (BTC) ETF holders continues. As Guru-Investingpreviously reported, some analysts are sure that only “paper hands” entered the segment, while confident holders are yet to arrive.
Yesterday, Bitcoin spot ETFs recorded a small outflow of $11.3 million, according to data from CoinGlass says. While most funds demonstrated positive dynamics, GBTC lost $43.4 million.
Bitcoin (BTC) is trading at $60,900, down almost 1% in the last 24 hours.
