Famous economist and well-known cryptocurrency critic Peter Schiff Bitcoin and expressed concern about the recent market dynamics of Bitcoin Spot ETFs.
In his statement, Schiff said that the applicant companies that sold BTC for initial purposes before the Bitcoin Spot ETFs were approved will now have to sell BTC as investors sell these products.
According to the famous economist, the most important problem with Bitcoin Spot ETFs is currently Grayscale’s GBTC product. GBTC, previously a trust, was converted into a spot ETF. Thus, investors who had previously purchased GBTC began to sell these products with the Spot ETF, and as a result, they sold BTC.
Schiff said that selling investors had previously only increased the discount rate on the GBTC price, but with Spot ETF approvals, GBTC sales have now caused a large amount of BTC to be sold into the market.
These comments come after a historic week for the crypto market. With the launch of 10 spot Bitcoin ETFs last week, total inflows into crypto investment products surpassed $1 billion. This figure is more than five times higher than the previous week.
Total global inflows into exchange-traded products (ETPs) reached $1.18 billion last week, according to a report from CoinShares. The United States contributed to all of these gains, adding a net $1.24 billion to the crypto economy. However, small outflows from Europe offset these gains somewhat.
*This is not investment advice.
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