Bitcoin ETF

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Prolific Bitcoin critic Peter Schiff has&nbsp;<a href="https://x.com/PeterSchiff/status/1809584623220900102">opined</a> that the recent market sell-off exposes a myth that there is strong institutional demand for the leading cryptocurrency.&nbsp;
The gold bug believes that Mt. Gox repayments alone would not be able to inflict such significant damage if there was substantial institutional buying. "If such demand really did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off market," Schiff said.&nbsp;
As&nbsp;<a href="https://u.today/bitcoin-bloodbath-key-reason-why-btc-is-getting-annihilated">reported by U.Today</a>, the largest cryptocurrency slipped to a five-month low of $53,330 on the Bitstamp exchange on July 5 after Mt. Gox moved roughly $2.7 billion worth of Bitcoin to another wallet. US and German governments liquidating their Bitcoin holdings was also another bearish headwind that exacerbated the market crash.&nbsp;
<h2 id="will-etf-buyers-capitulate">Will ETF buyers capitulate?&nbsp;</h2>
On Friday, Bitcoin exchange-traded funds gave bulls a glimmer of hope with 143.1 million worth of inflows.&nbsp;
Earlier this week, Schiff stated that Bitcoin ETF buyers likely kept holding&nbsp; their coins based trading activity. The financial commentator predicted that it would take a much steeper Bitcoin drop for their eventual capitulation. Schiff is convinced that such a dramatic price plunge could occur as soon as this week.&nbsp;
In the meantime, Nate Geraci, president at The ETF Store, recently&nbsp;<a href="https://x.com/NateGeraci/status/1809726811019907344">shot down&nbsp;</a>the narrative that there is no demand for Bitcoin ETFs given that they occupy the top spots this year after hundreds of launches.&nbsp;&nbsp;
However, Schiff previously argued all Bitcoin ETF buyers are actually&nbsp;<a href="https://u.today/peter-schiff-issues-major-bitcoin-warning-etfs-wont-save-you">future sellers</a>. Moreover, he has predicted that ETF issuers might end up&nbsp;<a href="https://u.today/bitcoin-etf-issuers-to-face-legal-nightmare-peter-schiff-predicts">facing lawsuits</a> from buyers due to staggering losses.&nbsp;

Schiff: Bitcoin Crash Exposes Key Myth

Table of Contents

U_Today

Other articles published on Jul 7, 2024

Exciting Expansion From Agaswap Adds Arbitrum For Faster, Lower-fee Trading

Crypto Whales Are Investing in These 3 Hot Altcoins

New Statement from Famous Analyst Peter Brandt That Will Make Bitcoin Investors Happy: "The Scena...

Shiba Inu (SHIB) Surges to $0.00016, but Not for Long

Bitcoin miners face profitability challenges due to rising production costs, forcing many to shut...

Qubetics Whitelist Steals the Thunder as Arweave and Celestia Investors Take Notice

Join our free newsletter for daily crypto updates!