What Happened: On Tuesday, influential investor Peter Schiff expressed his skepticism about the anticipated demand for a new Bitcoin ETF. He suggested that the number of Bitcoin BTC/USD speculators ready to sell far outpaces the would-be buyers waiting for the ETF.
Schiff’s post on X, formerly Twitter, comes amidst high speculation around a possible Bitcoin ETF approval by the Securities and Exchange Commission (SEC). The frenzy surrounding the approval has led to the apex cryptocurrency shooting up 19.9% over the week. At the time of publishing it was seen trading nearly 1.1% higher intraday at $33.979.26.
Previously, Schiff had warned about the potential risks ahead for Bitcoin speculators, especially in light of the enthusiasm around the Bitcoin ETF.
Why It Matters: Earlier this week, Schiff noted that Bitcoin was trading around $34,250, with speculators betting on the SEC’s approval of the Grayscale Bitcoin Trust (GBTC) converting into an ETF.
He warned that such conversations could potentially mark the peak of the Bitcoin rally and lead to a sell-off. Schiff’s recent tweet seems to echo these concerns, suggesting that the anticipated demand for the Bitcoin ETF may be overestimated and could lead to a potential sell-off as existing Bitcoin owners are waiting to sell.
Photo Courtesy: Wikimedia Commons
Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
