Anti-Bitcoin Peter Schiff Warns: Selling Pressure for Price Is Coming!

Famous economist Peter Schiff, nicknamed “Gold Bug”, commented on the current situation of spot Bitcoin ETFs.

In his May 10 post, Peter Schiff took a look at the current state of spot Bitcoin ETFs. Schiff stated that when the ETFs in question were launched at the beginning of January, there were only buyers and naturally there were no sellers, and that this created an illusion.

But he noted that 4 months after the ETF launch, many investors have already made their purchases and a huge supply has emerged for potential sales.

Pointing to the series of outflows from spot Bitcoin ETFs in recent weeks, the analyst predicted that the selling pressure will gradually intensify as buyers decrease in the coming period.

He argued that in a reality where sales, which are not yet very large, affect the price so negatively, the declines will deepen as sales grow:

When Bitcoin ETFs launched four months ago, there were no sellers, only buyers. But since so many investors now own ETFs, the supply of potential sellers is also large. However, as demand from new buyers decreases, ETF outflows will soon put serious downward pressure on Bitcoin.