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Highlights
- Peter Schiff has come out to mock Bitcoin investors again
- He said Bitcoin whales are dumping off on ETF whales
- Peter Schiff remains the most vocal critic of Bitcoin
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 bag holders, that is, those who will bear the brunt of BTC price crunch.
Therefore, he humorously congratulated the “smart” Bitcoin whales.
Spot Bitcoin ETF Market Records Inflows
It is not yet certain that Schiff’s analysis is the concept behind the sudden frequent offload of Bitcoin into the market. However, it is worth noting that the recent X post still aligns with Schiff’s constant bickering about Bitcoin. He is probably excited that many investors are exiting their Bitcoin position, a move he has long clamored for.
In the meantime, the spot Bitcoin ETF market is still recording huge inflows. On Friday, Fidelity Bitcoin ETF FBTC saw $117 million in inflows thereby leading the overall push. The Bitwise Bitcoin ETF BITB came second with $30 million in inflows.
Schiff believes that Bitcoin ETF investors will soon capitulate. Only time will tell if his predictions will come to pass.
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