2024-9-7 17:30 |
Lately, positive sentiment around the Spot Bitcoin Exchange-Traded Funds (ETFs) seems to have reduced drastically, prompting criticism from Gold advocate and economist, Peter Schiff. The economist argues that Bitcoin is a bad investment due to its inherent volatility and lack of intrinsic value when compared to more conventional assets like gold.
Spot Bitcoin ETF Investors Chose The Wrong Investment?In a recent post on the X (formerly Twitter) platform, crypto critic Peter Schiff issued a stern warning to investors who are placing bets on spot Bitcoin ETFs that they are making a wrong investment choice. Schiff contends that the hype around the products is unwarranted since they have performed less than the Gold ETF.
According to the economist, despite a massive influx of capital observed following the launch of the spot BTC ETFs, the products have attracted gains of less than 17%. Meanwhile, with significant outflows, its Gold Exchange-Traded Fund (ETF) counterpart, GLD, has amassed gains of more than 20%.
Considering both investment vehicles, Schiff claims that spot BTC ETF investors are “betting on the wrong horse.” His comparison demonstrates his long-standing belief in gold as a better investment option over Bitcoin, the largest cryptocurrency asset.
The post read:
Since they first launched in January of this year, despite massive inflows, the new Bitcoin ETFs are up less than 17%. In contrast, GLD, the largest gold ETF, despite massive outflows, is up over 24%. It’s clear that despite all the hype, ETF investors bet on the wrong horse.
Schiff’s criticism comes in light of recent pessimism around the spot BTC ETFs, which has triggered speculations about the long-term potential of Bitcoin. It appears that the current price fluctuations of BTC have impacted investors’ sentiment as the products recorded another massive outflow after the market closed on Thursday.
Reports from Farside Investors show that the funds saw an outflow of capital worth a whopping $211 million, suggesting a decrease in adoption and reassessment of both institutional and retail investors’ exposure to the products.
Blackrock‘s BTC ETF (IBIT), Ark Invest BTC ETF (ARKB), Invesco BTC ETF (BTCO), Franklyn BTC ETF (EZBC), Valkyrie BTC ETF (BRRR), VanEck BTC ETF (HODL), and WisdonTree BTC ETF (BTCW) recorded zero inflows. Meanwhile, Fidelity BTC ETF (FBTC), Bitwise BTC ETF (BITB), and Grayscale BTC ETF (GBTC) witnessed an outflow of $149.5 million, $30 million, and $23.2 million respectively.
BTC Poised For Bullish Performance In Q4Despite negative developments around BTC, several crypto analysts are still bullish about the crypto asset, pointing to a positive Q4. Captain Faibik predicts that the next 3 months will be very bullish for BTC, but the bulls must survive this month and maintain above the $55,000 support level.
Should the bulls succeed in holding above the level, Faibik is confident that BTC will rise again and challenge the $68,000 resistance in a few days. Furthermore, he underscored that with each retest, the $68,000 and $69,000 resistance is becoming weaker. Due to this, Faibik foresees an optimistic Q4 for BTC, urging investors to trust in the process.
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