u.today
Well-known financial expert and investor Peter Schiff has once again taken aim at Bitcoin ETFs, saying that their recent performance shows that the hype surrounding them is misguided.
In a recent post, Schiff pointed out the big difference in returns between Bitcoin and gold ETFs. While the first ones have seen modest gains of less than 17% since they launched in January, the ETF on precious metal is up over 24% despite significant outflows. In Schiff's opinion, this shows investors made a mistake by favoring Bitcoin ETFs.
However, the expert has long been critical of Bitcoin ETFs. The investor has been saying for a while now that cryptocurrencies are fundamentally flawed assets with no intrinsic value. His latest comments also come at a tough time for the industry, as the price of Bitcoin keeps struggling.
Since they first launched in January of this year, despite massive inflows, the new #Bitcoin ETFs are up less than 17%. In contrast, $GLD, the largest #gold ETF, despite massive outflows, is up over 24%. It's clear that despite all the hype, ETF investors bet on the wrong horse.
— Peter Schiff (@PeterSchiff) September 5, 2024
More pain
Schiff's gloating comes as spot Bitcoin ETFs continue to face net outflows. Yesterday, Sept. 4, these ETFs saw a total net outflow of $37.29 million, marking six days in a row of outflows. Grayscale's GBTC ETF, which used to be a big player in the space, saw a net outflow of $34.25 million on the same day. That brings its total historical net outflows to a whopping $19.94 billion.
On the other side, the Bitwise ETF BITB managed to attract a net inflow of $9.46 million on Sept. 4, but it was not enough to offset the overall outflow trend.