Peter Schiff Weighs Reason Behind Bitcoin’s Performance Despite Bitcoin ETF Approval

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Peter Schiff Warns of Impending End to Bitcoin Rally

The post Peter Schiff Weighs Reason Behind Bitcoin’s Performance Despite Bitcoin ETF Approval appeared first on Coinpedia Fintech News

After the spot Bitcoin ETF approval by the SEC, many people in the industry assumed that the approval would boost the price of Bitcoin but it did not happen. Since the spot Bitcoin ETF has been approved, Bitcoin has shown very low performance.

Peter Schiff Chief economist and global strategist at europac.com shared his insight on why Bitcoin is performing at a low price the major reason behind this is people are selling more Bitcoin than buying due to temporary profits and this results in a loss in Bitcoin’s performance.

The reason that investor buying of the new #BitcoinETFs isn't pushing up the price of #Bitcoin is that the outflows from $GBTC plus selling of #BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop.

— Peter Schiff (@PeterSchiff) January 17, 2024

How Bitcoin ETF Approval Impacted Bitcoin

In a series of tweets, Schiff explained that it is after the effect of approval that, the entry of new Bitcoin ETFs hasn’t led to the anticipated surge in Bitcoin prices. He said people expected that the new ETFs to cause a lot more buying. But it’s being offset by all the selling. Just pointing out where the selling is coming from to offset that buying.

According to him, this is just an initial stage Bitcoin will drop more in the upcoming days and he is optimistic about the resolution of these selling pressures soon.

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