Peter Schiff Issues Important Bitcoin Warning: ETFs Won’t Save You

Peter Schiff Issues Important Bitcoin Warning: ETFs Won't Save You

The gold bug Peter Schiff recently led to (formerly Twitter) to warn Bitcoin enthusiasts that institutional buyers of exchange-traded funds (ETFs) will not save them.

The gold bug Peter Schiff recently led to (formerly Twitter) to warn Bitcoin enthusiasts that institutional buyers of exchange-traded funds (ETFs) will not save them.

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According to Schiff, this makes the cryptocurrency market “even more unstable,” as he believes that all ETF buyers are future sellers. “In contrast, many spot buyers intend to hold on to their Bitcoin until it eventually replaces fiat currencies,” she added.

Earlier today, the price of the leading cryptocurrency fell to an intraday low of $66,207, losing more than 5%.

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Last week, Bitcoin failed to break above the $72,000 level despite strong buying pressure due to better-than-expected US employment data. As reported by U.TodayThe US-based Bitcoin Spot ETF recorded its second-largest inflows to date last Tuesday.

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However, Bitcoin’s 19-day streak of uninterrupted inflows has now ended. On Monday, ETF products saw outflows worth nearly $65 million. BlackRock’s IBIT failed to save the day with modest inflows of just $6.3 million.

All eyes on US macroeconomic data

Bitcoin is expected to experience more volatility on Wednesday due to the upcoming May Consumer Price Index (CPI) report. The critical reading of inflation will provide market participants with crucial clues about the Federal Reserve’s future policy actions. Accelerating inflation numbers will be another bearish hurdle for Bitcoin (and vice versa).

The Federal Reserve is also expected to announce its interest rate decision on Wednesday. However, it is unlikely to cause further volatility as rates are expected to remain unchanged.

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