God predicts BTC to plummet! Bitcoin villain Peter Schiff: Spot ETFs are falling into a bear market and will end badly!
Peter Schiff, a gold bull and CEO of Euro Pacific Capital, warned before the approval of the first batch of Bitcoin spot ETFs in the United States that the approval of spot ETFs may lead to a collapse in currency prices because institutional investors will not have huge demand. He It is believed that the launch of Bitcoin spot ETF will prove to be a meaningless trivial matter and insignificant in history.
As a result, after the spot ETF was listed, Bitcoin continued to fall as Peter Schiff expected, which also made him confidently tweet on the 23rd:
The same Bitcoin pundits who mocked me and others for saying that the new Bitcoin ETF listing would be a "buy the rumor, sell the news" event are now denying the significance of the drop, claiming it was just a classic "buy the rumor," to be expected. "Sell News" event.
Peter Schiff said that the definition of a bear market is a drop of more than 20% from the highest point. Now all Bitcoin spot ETFs are in a bear market. The biggest loser is FBTC (Fidelity Wise Origin Bitcoin Fund), which fell 32%. The trading code of VanEck Bitcoin Trust ETF is HODL. Should be renamed GTFO (Get The F* Out):
The Proshares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures, opened at $40.88 when it was launched in October 2021. It has now fallen to $19, down more than 50% in more than 2 years. I think those who buy Anyone who invests in 11 Bitcoin spot ETFs will experience worse results.
Refers to new ETFs creating no additional demand
Peter Schiff believes that the new Bitcoin spot ETF does not create additional demand, but only changes demand. Investors may have previously purchased Bitcoin, Bitcoin-related stocks (such as $MSTR or $GBTC), and now they are simply switching to buying new ones. It’s just a Bitcoin spot ETF.
According to Peter Schiff, one of the biggest losers after the emergence of Bitcoin spot ETFs is Coinbase. Although Coinbase has been selected as a custody service provider by many issuers, speculators who once traded Bitcoin through the Coinbase platform are now turning to Trading Spot ETFs Many investors who purchased Coinbase stock as alternative exposure to Bitcoin are now also switching to buying spot ETFs.
JPMorgan Chase downgraded Coinbase stock to underweight from neutral on Monday, and lowered the target price to $80, which is 124.0% lower than the current share price.US$19 fell by more than 35% on the grounds that the market's optimism about spot ETFs may reverse, leading to a drop in currency prices and a reduction in trading volume, which will in turn affect Coinbase.
Peter Schiff has previously warned that Grayscale’s GBTC, micro-strategy and other cryptocurrency-related stocks are not in good shape. Investors will sell off after the ETF is approved. These targets will face the risk of huge book profit taking, and may even float. The profit is converted into a realized loss.
