2024

Bitcoin ETF

Bitcoin

Recent market data has revealed diverse behaviors among Bitcoin investors, with large holders reportedly selling their positions while retail investors show increasing interest in the newly launched Bitcoin Exchange-Traded Funds (ETFs). 
This has been noticed by Economist Peter Schiff, who characterized this divergence as a split between “smart money” exiting Bitcoin positions and “dumb money” entering through ETFs. In this comment, Schiff referred to participants who have been dumping their bitcoins at exchanges as “smart money.” 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Based on the trading patters and ETF inflows, it looks like the smart money is selling <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> in the spot market while the dumb money is buying it through ETFs. Congratulations to the Bitcoin whales for pulling this off. They set up <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BitcoinETF</a> investors to be the bag holders.— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1810015650191970392?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 7, 2024</a>
 </blockquote> 
 </div>
</figure> 
Over the last weeks, the market has seen quite a number of these so-called smart money moves from whale addresses to different exchanges&nbsp; 
Notably, on July 5th, two whale addresses transferred <a href="https://www.cryptotimes.io/2024/07/06/two-whales-deposit-9500-btc-to-binance-since-june-27/" target="_blank" rel="noreferrer noopener">9,301 BTC to Binance crypto exchange.</a> This follows a series of substantial transfers totaling approximately $3 billion in Bitcoin value the previous day. 
Concurrently, the spot Bitcoin ETF market is experiencing notable inflows. <a href="https://www.cryptotimes.io/2024/07/07/bitcoin-etfs-see-143-1m-inflow-as-bitcoin-price-dips/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/07/07/bitcoin-etfs-see-143-1m-inflow-as-bitcoin-price-dips/" rel="noreferrer noopener">Fidelity’s Bitcoin ETF (FBTC)</a> recorded $117 million in new investments on Friday, with Bitwise’s offering (BITB) following at $30 million. Other ETF providers, including BlackRock, Grayscale, ARK 21Shares, and WisdomTree, are also seeing increased interest from investors. 
Some in the crypto space have speculated that long-term holders may be taking advantage of current market conditions to realize gains, while new investors are seeking exposure through regulated ETF products. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/07/peter-schiff-slams-bitcoin-bulls-mocks-institutional-demand/" target="_blank" rel="noreferrer noopener">Peter Schiff Slams Bitcoin Bulls, Mocks Institutional Demand</a> 
</blockquote>

Whales selling while new investors are buying ETFs: Peter Schiff

The Crypto Times

Другие статьи, опубликованные 7 июл. 2024 г.

Toncoin’s 24-hour turnaround: Is TON on track for a rally?

MoonBag Coin Rockets Past $3.2 M During Presale! Dogwifhat & Injective Face Investor Exodus, End ...

Bitcoin Price Rebound? Mt. Gox Sell-Off Risk Mitigated, But Uncertainty Remains

Expert Says These Coins Likely to Rebound Strongly in Bull Run

EOS and Celestia Stumble, Will MoonBag Scalability Launch You to Riches?

Peter Brandt Sees Bitcoin ‘Footshot’ Buy Signal Amid Volatility

Join our free newsletter for daily crypto updates!