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.

Top 10 Projects by Total Value Locked (TVL) This Week

German Government Sells 700 BTC, Halts Bitcoins Rebound

China is Racing to Speed Up Brain-Computer Interface (BCI) Development

Analyst Predicts XRP Could Surge to $16.89 Based on TA Charts, New ATH Soon?

Tether CEO Paolo Ardoino Reveals How OpenAI Hack Could Have Been Prevented

Bitcoin Mining Difficulty Declines by 5% to 79.50 terahashes

Join our free newsletter for daily crypto updates!