Is the ETF hype over?
In recent weeks, the cryptocurrency market has faced heavy losses, with major cryptocurrencies such as Bitcoin ($BTC) and Ethereum ($ETH) continuing to fall, with no hope of a rebound in sight.
According to data from CoinGlass, more than $800 million in long positions have been liquidated in the past three days, the largest liquidation since April this year. Bitcoin fell for a fourth consecutive trading day, and Ethereum's losses were even more severe.
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As of now, the fear and greed index has dropped to 28, symbolizing that the market is in extreme panic. At this juncture, the famous economist Peter Schiff, who scorns Bitcoin and cryptocurrency, Naturally, I will not miss this opportunity to be bearish.
Peter Schiff: ETF hype is over
Peter Schiff has long been a skeptic of cryptocurrencies. He has repeatedly criticized cryptocurrencies as "air" and predicted that Bitcoin and other cryptocurrencies will "sooner or later die."
In his latest tweet, Peter Schiff highlighted Ethereum ($ETH), noting that Ethereum has fallen below key support at $2,900, down 30% from its highs in March this year.
Peter Schiff said that the market seemed to have reacted prematurely to the expectation that the Ethereum spot ETF would pass: "It seems that those who bought the rumors of the Ethereum spot ETF can't wait to sell."
He noted that the same investors who drove up prices based on ETF speculation are now unwinding their positions, adding to downward pressure on Ethereum and warning that a plunge toward $1,500 is imminent.
The future trend of Ethereum
Although Peter Schiff's prediction has undoubtedly amplified panic, there are also many voices in the market that believe that despite the recent price decline of Ethereum, the long-term prospects are still promising.
Analysts pointed out that Ethereum has solid technological development and application prospects. The impact of Ethereum spot ETF is certainly important, but in addition to the impact of ETF, the market's expectations for Ethereum's technology upgrade and application prospects are also important factors that cannot be ignored. Especially in the fields of decentralized finance (DeFi) and non-fungible tokens (NFT).
Experts also remind investors that market volatility and uncertainty still exist. They must pay close attention to market dynamics and stick to their own trading strategies. In the noisy cryptocurrency market, it is particularly important to remain rational and calm.
