Famous economist Peter Schiff explained the possible reason why purchases of spot Bitcoin ETFs did not have a positive impact on the price.
Peter Schiff dated January 17 in your postaddressed why spot Bitcoin exchange-traded fund (ETF) confirmations did not increase the Bitcoin price.
The real problem in this equation, the analyst said, is the spot Bitcoin ETF converted by Grayscale. Grayscale Bitcoin Trust Fund (GBTC) than the other 10 spot Bitcoin ETF issuers purchased. sell more Bitcoin He pointed out that it was.
Following approval of Spot Bitcoin ETF applications In the data presented for 1 week GBTC, which hosts a large amount of sales volume, had made investors nervous from the very beginning. BlackRock And Fidelity Compared to the positive volume realized in spot Bitcoin ETFs of issuers such as GBTC with sell-side volume It managed to position itself in first place.
Schiff spot Bitcoin This initial excitement for ETFs is starting to fade.While it indicates that worse days will come with the decrease in demand and bearish expectations He couldn’t hide it either:
The reason why investors’ purchases of the yenBitcoin ETF did not increase the price of Bitcoin is because the extra BTC selling experienced by GBTC exceeded the total inflows into all ten other Bitcoin ETFs. Once initial ETF demand subsides, I expect a larger price drop.
On the other hand, Grayscale has been a US cryptocurrency exchange in the last 2 days. By sending 27,365 thousand Bitcoins to Coinbase It caused minor declines in the market.