u.today
Aggregated Bitcoin ETF flows have been negative in the last few days. Adamant anti-Bitcoiner Peter Schiff predicts that this might be particularly bearish for the BTC price.
Dr. Doom Peter Schiff expects BTC ETF outflows to put pressure on price
In May 2024, the market for Bitcoin ETFs is imbalanced, with too many investors and almost no buyers. Meanwhile the supply of potential sellers is large, which is very dangerous for Bitcoin's (BTC) price performance, "Gold Bug" Peter Schiff says.
When the #BitcoinETFs launched four months ago there were no sellers, only buyers. But now that so many investors own the ETFs, the supply of potential sellers is large. But with waning demand from new buyers, ETF outflows will soon put significant downward pressure on #Bitcoin.
— Peter Schiff (@PeterSchiff) May 10, 2024
The launch of spot Bitcoin ETFs in the U.S. in January was accompanied by the opposite situation: "there were no sellers, only buyers," Mr. Schiff admits.
While the interest in buying spot Bitcoin ETFs is stagnating, this imbalance might result in significant pressure on the Bitcoin (BTC) price in the short term.
In the last 10 days, Bitcoin ETFs in the U.S. logged a $230 million outflow. As covered by U.Today previously, May 1 was the "worst day" for the space, with $563.7 mln erased in 24 hours.
This outflow coincided with a 5% drop of the Bitcoin (BTC) price that plunged from $63,000 to below $60,000.
Bitcoin ETFs controlled by paper hands?
The discussion about the nature of the firs generations of Bitcoin (BTC) ETFs holders is ongoing. As U.Today reported earlier, some analysts are sure that only "paper hands" entered the segment, while confident holders are yet to come.
worst day by far for btc etfs, with $500m outflow @biancoresearch was right that etf holders were paperhands, fomoing on the way up jeering on the way down
— qw (@QwQiao) May 2, 2024
Yesterday, spot Bitcoin ETFs registered a tiny $11.3 mln outflow, CoinGlass data says. While the majority of funds demonstrated positive dynamics, GBTC lost $43.4 million.
Bitcoin (BTC) is changing hands at $60,900, down almost 1% in the last 24 hours.