Samson Mow, Jan3’s boss, Bitcoin He is one of those who think that its price may reach 1 million dollars in the near future. In recent days, a remarkable outflow trend has been observed in spot-based Bitcoin exchange-traded funds. Especially in this week, there was a staggering $742 million outflow. This comes at a time when spot ETFs such as the Grayscale Bitcoin Trust (GBTC) have been recording steady outflows, and the SEC approved the launch of 10 spot BTC ETFs on January 11.
One of the main reasons why investors exit Grayscale is that the company demands higher fees than its competitors. This has resulted in a significant decline in daily inflows for leading Bitcoin ETFs, such as BlackRock’s IBIT, while other ETF providers have increased in popularity. For example, BlackRock’s IBIT’s daily inflow dropped to $49.3 million, representing the lowest level in the last 18 trading days.
Samson Mow Warns for Bitcoin ETFs!
While Mow warned about Bitcoin ETFs, he emphasized that he believed that these outflows would turn into inflows over time and that the community should plan accordingly. He also stated that Bitcoin’s main driver is “ultimate scarcity and unlimited demand” and argued that short-term market sentiment does not matter.
At the same time, Mow also spoke about the potential approval of ETFs based on the Ethereum spot trading price. Mow, known as a Bitcoin maximalist, said that he believes Ethereum is a security and that the SEC will eventually accept this fact. However, he did not rule out the risks of launching similar products for other cryptocurrencies along with the approval of ETH ETFs.
In short, Samson Mow’s comments offer an important perspective on the future of Bitcoin and other crypto assets. He emphasizes that these developments are part of an important process that should be followed carefully for investors.
