2024

Bitcoin ETF

Bitcoin

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Well-known financial expert and investor&nbsp;<a href="https://twitter.com/PeterSchiff/status/1831695648661422307?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1831695648661422307%7Ctwgr%5Ebcde46ef8f69f0e2593ef840c05fe435e19c58f3%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2FPeterSchiff%2Fstatus%2F1831695648661422307">Peter Schiff</a> has once again taken aim at Bitcoin ETFs, saying that their recent performance shows that the hype surrounding them is misguided.
In a recent post, Schiff pointed out the big difference in returns between Bitcoin and gold ETFs. While the first ones have seen modest gains of less than 17% since they launched in January, the ETF on precious metal is up over 24% despite significant outflows. In Schiff's opinion, this shows investors made a mistake by favoring&nbsp;<a href="https://u.today/michael-saylor-stuns-crypto-community-with-bitcoin-wave-statement">Bitcoin ETFs</a>.
However, the expert has long been critical of Bitcoin ETFs. The investor has been saying for a while now that cryptocurrencies are fundamentally flawed assets with no intrinsic value. His latest comments also come at a tough time for the industry, as the&nbsp;<a href="https://u.today/extremely-rare-golden-cross-appears-on-bitcoin-price-chart-details">price of Bitcoin</a> keeps struggling.
<blockquote>
 Since they first launched in January of this year, despite massive inflows, the new <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs are up less than 17%. In contrast, <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GLD</a>, the largest <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> ETF, despite massive outflows, is up over 24%. It's clear that despite all the hype, ETF investors bet on the wrong horse.— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1831695648661422307?ref_src=twsrc%5Etfw">September 5, 2024</a>
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<h2 id="more-pain">More pain</h2>
Schiff's gloating comes as spot Bitcoin ETFs continue to face net outflows. Yesterday, Sept. 4, these ETFs saw a total net outflow of $37.29 million, marking six days in a row of outflows. Grayscale's GBTC ETF, which used to be a big player in the space, saw a net outflow of $34.25 million on the same day. That brings its total historical net outflows to a whopping $19.94 billion.
On the other side, the Bitwise ETF BITB managed to attract a net inflow of $9.46 million on Sept. 4, but it was not enough to offset the overall outflow trend.

Peter Schiff Trashes Bitcoin ETF Hype

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