As the Bitcoin (BTC) price erased all 2024 gains a few hours after the ETF trading in the U.S. started, critics of the first cryptocurrency foresee tough times for BTC bulls. Peter Schiff admits that some of the first purchasers of Bitcoin ETFs might be regretting their decisions.
Peter Schiff mocks Bitcoin (BTC) investors: “Long weekend for bulls”
Should the Bitcoin (BTC) price keep falling on Monday, Bitcoin ETF investors will not be holding their assets, “gold bug” Peter Schiff shared on his X account today, Jan. 13, 2023. As such, the weekend (when ETF trading is not available) will be long for Bitcoin (BTC) bulls.
Bitcoin has already fallen from just above $49K yesterday, to just below $42K today. That’s over a 14% decline. It could be a long weekend for #Bitcoin bulls. If the new #BitcoinETFs gap way down on Monday it will be interesting to see how investors react. I doubt they’ll #HODL.
— Peter Schiff (@PeterSchiff) January 12, 2024
Schiff noticed that Bitcoin (BTC) dropped from $49,000 to below $42,000 in less than a day. As such, the first cryptocurrency brought a double-digit decline to its holders straight after the most anticipated BTC milestone of 2024.
Bitcoin (BTC) dropped as the dust settled after the overhyped launch of 11 Bitcoin ETFs in the U.S. Also, as covered by U.Today previously, the migration of liquidity from Grayscale’s OTC trusts might have contributed to the dropdown.
SkyBridge Capital founder Anthony Scaramucci called the sell-off of GBTC shares a powerful trigger of the painful Bitcoin (BTC) price drop to two-week lows.
As of printing time, the Bitcoin (BTC) price managed to start recovering from the losses: BTC is changing hands over $42,500 on major spot exchanges.
More concerns raised about Bitcoin ETF
While the paramount importance of the BTC ETF approval for the entire blockchain industry is undisputed, some of its effects on Bitcoin (BTC) as an asset and technology might be alarming in the midterm.
While some experts treat the ongoing process as an ordinary “sell the news” event, BitMEX founder Arthur Hayes warned that BTC might turn into an ordinary TradFi asset.
Ironically, Hayes’ words are echoed by the SEC Chairman Gary Gensler, who finds that the Bitcoin ETF is contradictory to Satoshi Nakamoto’s vision for his brainchild.