Bitcoin ETF underperforms expectations
According to data, on September 4, the Bitcoin spot ETF has experienced net outflows for 6 consecutive days, with a single-day outflow reaching US$37.29 million. Grayscale Bitcoin Trust Fund (GBTC) also had a net outflow of US$34.25 million that day, and the cumulative net outflow reached 1.994 million US dollars. billion dollars.
Although there are still some ETFs such as Bitwise ETF BITB that successfully attracted net inflows, with inflows reaching US$9.46 million on the day, the overall trend is still not optimistic.
Peter Schiff: Everyone bought the wrong thing
Peter Schiff, a well-known financial expert who is famous for being bearish on Bitcoin, recently expressed his dissatisfaction with the Bitcoin spot ETF again, emphasizing that the performance did not meet market expectations, and criticized investors for being too partial to Bitcoin.
Image Credit: X Peter Schiff’s Tweet
Peter Schiff pointed out that since the launch of the first batch of Bitcoin spot ETFs in January 2024, the product has only increased by about 17%, which is far lower than market expectations. At the same time, the gold ETF has increased by 24%, even in the face of a large amount of funds. Outflows are still strong.
He believes that the market performance of gold ETF this year was significantly better than that of Bitcoin ETF, and it also received a lot of attention and capital inflows, but the final performance was not as good as gold ETF. Investors’ choice was obviously wrong: “Obviously, despite the hype, ETF Investors still made the wrong bet”
The performance of gold ETFs this year has significantly outperformed Bitcoin spot ETFs, especially gold ETFs represented by GLD. Despite net outflows of funds, they still increased by more than 24%. In contrast, the return rate of Bitcoin ETFs was significantly lower than Gold ETF, Peter Schiff believes, is because Bitcoin is a fundamentally flawed asset that lacks real value support.
Bitcoin VS Gold: How should investors choose?
Peter Schiff has long believed that Bitcoin is simply a speculative instrument, and he has consistently advocated that gold is the only true safe-haven asset because of its thousands of years of history as a reliable safe haven in times of economic uncertainty.
His criticism is not unfounded. Bitcoin’s price has been volatile this year, while gold continues to attract a large amount of safe-haven funds due to its historical stability.
In the context of increasing global economic uncertainty, the battle between Bitcoin and gold will determine who can serve as the safest safe-haven asset and who will occupy a more important market role.
For investors who want to seek high returns in the market and have high risk tolerance, Bitcoin ETF is still an attractive choice. However, purely from the perspective of return rate, for long-term investors who prefer stable returns , gold ETFs may be a wiser choice.
