In a recent development, Peter Schiff, a well-known critic of Bitcoin, has warned that the potential approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC) could be detrimental to Bitcoin. Schiff believes that funds for new Ethereum ETFs would likely be drawn from existing Bitcoin ETFs, thereby negatively impacting Bitcoin's market strength.

However, it's worth noting that Schiff's past predictions regarding Bitcoin have often been off the mark. For instance, he recently predicted a significant drop in Bitcoin's value if it fell below $60,000. Contrary to his forecast, Bitcoin briefly dipped below $60,000 but quickly rebounded and is currently trading above $70,000.

Despite Schiff's pessimistic outlook, the market remains optimistic. The recent surge in Bitcoin's price to a 6-week peak of around $72,000, alongside Ethereum's 20% jump to over $3,800, underscores the robust momentum in the cryptocurrency market. The potential approval of Ethereum ETFs could further diversify the crypto investment landscape, potentially attracting more investors to the sector.