Sat, September 07, 2024 at 14:37

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some intriguing news about the recent sentiment around Spot Bitcoin Exchange-Traded Funds (ETFs).

  • 
• Annie

  • Oh, that sounds interesting!

  • What's happening with the Bitcoin ETFs?😊

  
• 

  Kang-hoon

  • Lately, the positive sentiment around these ETFs has reduced drastically.

  • This has prompted criticism from Peter Schiff, a well-known gold advocate and economist.

• Annie

  • Peter Schiff?

  • Isn't he always critical of Bitcoin?

  • What did he say this time?

  
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• 

  Kang-hoon

  • Indeed, he is.

  • Schiff argues that Bitcoin is a bad investment due to its inherent volatility and lack of intrinsic value compared to conventional assets like gold.

• Annie

  • Hmm, volatility is always a concern.

  • What about the performance of these Bitcoin ETFs?

  
• 

  Kang-hoon

  • According to Schiff, despite a massive influx of capital since their launch in January, the spot Bitcoin ETFs have gained less than 17%.

  • In contrast, the Gold ETF, GLD, has gained over 24% despite significant outflows.

• Annie

  • Wow, that's quite a difference!

  • So, Schiff believes Bitcoin ETF investors made a wrong choice?

  
• 

  Kang-hoon

  • Yes, he claims that the hype around Bitcoin ETFs is unwarranted and that they are betting on the wrong horse.

  • His comparison underscores his belief in gold as a superior investment.

• Annie

  • I see.

  • Has there been any recent data supporting his claims?

  
• 

  Kang-hoon

  • Absolutely.

  • Reports from Farside Investors show a massive outflow of capital worth $211 million from these Bitcoin ETFs after the market closed on Thursday.

• Annie

  • That's a huge outflow!

  • Which ETFs were affected the most?

  
• 

  Kang-hoon

  • Blackrock's BTC ETF (IBIT), Ark Invest BTC ETF (ARKB), Invesco BTC ETF (BTCO), and others recorded zero inflows.

  • Meanwhile, Fidelity BTC ETF (FBTC), Bitwise BTC ETF (BITB), and Grayscale BTC ETF (GBTC) saw significant outflows.

• Annie

  • That doesn't sound good at all.

  • But are there any positive predictions for Bitcoin?

  
• 

  Kang-hoon

  • Interestingly, despite these negative developments, some crypto analysts are still bullish about Bitcoin's performance in Q4.

  • Captain Faibik, for instance, predicts a very bullish Q4 for BTC.

• Annie

  • Really?

  • What are his predictions based on?

  
• 

  Kang-hoon

  • Faibik believes that if Bitcoin can maintain above the $55,000 support level this month, it will rise again and challenge the $68,000 resistance.

  • He notes that with each retest, the resistance is becoming weaker.

• Annie

  • That's quite optimistic!

  • Do you think investors should trust this prediction?

  
• 

  Kang-hoon

  • While it's always good to consider expert opinions, the inherent volatility of Bitcoin makes it a risky investment.

  • Given the recent outflows and Schiff's criticism, I would be cautious.

  • 
• Annie

  • So, would you say this news is more of a bad sign for the market?

  
• 

  Kang-hoon

  • Yes, Annie.

  • The significant outflows and reduced sentiment around Bitcoin ETFs indicate a bearish outlook.

  • Investors should be wary and perhaps consider more stable investment options.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.