Bitcoin ETFs Under Fire from Peter Schiff

Well-known financial expert and investor Peter Schiff has once again taken aim at Bitcoin ETFs, claiming their recent performance highlights misguided hype surrounding them.

In a recent post, Schiff pointed out the significant difference in returns between Bitcoin and gold ETFs. Since their launch in January, Bitcoin ETFs have seen modest gains of less than 17%, while gold ETFs have increased by over 24%, despite facing substantial outflows. Schiff argues that this discrepancy indicates that investors erred in favoring Bitcoin ETFs.

Schiff has been a long-time critic of Bitcoin ETFs, consistently asserting that cryptocurrencies are fundamentally flawed assets lacking intrinsic value. His latest comments arrive during a challenging period for the industry, as Bitcoin’s price continues to struggle.

Ongoing Struggles

Schiff’s remarks come as spot Bitcoin ETFs experience net outflows. On September 4, these ETFs witnessed a total outflow of $37.29 million, marking six consecutive days of outflows. Grayscale’s GBTC ETF, once a major player, saw a net outflow of $34.25 million on the same day, bringing its total historical net outflows to a staggering $19.94 billion.

Conversely, the Bitwise ETF (BITB) attracted a net inflow of $9.46 million on September 4; however, this was insufficient to counteract the overall outflow trend.

This article was originally published on U.Today