The crypto world finally got a spot Bitcoin ETF after a long wait. However, following this development, the cryptocurrency price fell below $43 thousand. Gold bug Peter Schiff made an ironic comment on the BTC price drop after Bitcoin ETF.
Peter Schiff makes fun of Bitcoin investors!
A few hours after ETF trading began in the US, the Bitcoin (BTC) price erased all of its 2024 gains. Bitcoin critics predict tough times for BTC bulls. Peter Schiff suggests that some of the first buyers of Bitcoin ETFs will regret their decision. According to Schiff, if the Bitcoin price continues to fall on Monday, Bitcoin ETF investors will not be able to hold their assets. ‘Gold bug’ Peter Schiff shared these views on his X account. Therefore, the weekend (with no ETF trading available) will be long for Bitcoin (BTC) bulls. Schiff shared the following comment from his X account:
Bitcoin fell from just over $49,000 yesterday to just under $42,000 today. This is a decrease of over 14%. It could be a long weekend for Bitcoin bulls. It will be interesting to see how investors react if the new Bitcoin ETFs decline on Monday. I doubt they will HODL.
Why did BTC price drop after Bitcoin ETF?
Peter Schiff noticed that Bitcoin fell from $49,000 to below $42,000 in a short period of time. Thus, leading to a double-digit loss to its owners just after the most anticipated milestone of 2024. Bitcoin fell as the dust settled following the much-hyped launch of 11 Bitcoin ETF products in the US. According to experts, moving liquidity from Grayscale’s OTC trusts may have contributed to the decline.
SkyBridge Capital founder Anthony Scaramucci described the sale of GBTC shares as a strong trigger for Bitcoin price to fall to two-week lows. At the time of writing, Bitcoin price has managed to recover some of the losses. BTC was trading above $42,500 on major spot exchanges.
More concerns about Bitcoin ETF!
Bitcoin ETF approval has great significance for the entire Blockchain industry. However, some of the implications for Bitcoin as an asset and technology could be concerning in the medium term. Some experts consider the ongoing process as an ordinary “news selling” event. However, BitMEX founder Arthur Hayes warns that BTC is likely to become a regular TradFi asset. Ironically, Hayes’ words also resonated with SEC Chairman Gary Gensler, who felt that a Bitcoin ETF was at odds with Satoshi Nakamoto’s vision for his brainchild.
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