Peter Schiff, an economist, warns that Bitcoin (BTC) might suffer from downward price pressure caused by the outflows from Bitcoin ETFs. Following withdrawals from Bitcoin ETFs, Schiff’s statements point to the possibility that this could have an adverse impact on Bitcoin’s price performance.
Bitcoin ETF Outflows Raise Concerns
Bitcoin ETFs have seen outflows over the past weeks. Over the past ten days, data shows U.S. Bitcoin ETFs with cumulative outflows of $230 million, as reported by Coingape. Market participants, especially Schiff, a Bitcoin critic, have started to worry about a possible bearish influence of this trend on the price.
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
Aligning with the econom
We współpracy z: https://coingape.com/economist-warns-etf-outflows-could-pressure-bitcoin-down/
