Bitcoin Following the approval of spot ETFs, the BTC price, which recently rose as high as $49,000, has experienced a significant decline. It is currently trading at $43,824, marking a decline of around 5% in the last 24 hours.
Famous anti-Bitcoin analyst Peter Schiff expressed his thoughts on this latest decline. “As speculators sell shares of spot BTC ETFs, the ETFs will be required to place Bitcoin exclusively in exchange for US dollars,” Schiff said. “Tether will not be an acceptable form of payment,” he explained. Schiff touched on potential liquidity issues, noting that “in the past, Tether has been used to provide liquidity and support prices.”
Schiff also argued that speculators are exhibiting behavior that has “bought the rumor of spot Bitcoin ETF approvals” and are now “selling the news.” He expressed that he was little surprised by this development and asked sarcastically, “Who would have thought?” asked.
Schiff criticized CNBC for ignoring the decline as well as the $30 rally in gold.
The analyst also added that he wonders whether the BTC price is falling due to BTC Spot ETFs or whether Bitcoin Spot ETFs are in a downward trend because the BTC price is falling.
*This is not investment advice.
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