Peter Schiff Congratulates Bitcoin Whales, No Sarcasm

Bitcoin has started the week on a downward slide, trading at $54,404. Within the last 24 hours, the cryptocurrency reached a low of $54,481 and a high of $58,371. Since the beginning of the month, Bitcoin’s value has decreased by more than 11%.

Crypto skeptic Peter Schiff pointed out that recent trading trends and exchange-traded fund (ETF) inflows indicate that seasoned investors are offloading their BTC in the spot market while novice investors are buying through ETFs. He suggested that large investors (often referred to as “whales”) have positioned ETF investors to potentially face the heaviest losses.

Schiff also noted that many who have profited from Bitcoin did so more due to chance than due to skill.

### The Current Landscape of Bitcoin ETFs

On the latest trading day, Bitcoin ETFs experienced a net inflow of over $143 million. A significant portion of this came from Fidelity Investments, whose Bitcoin ETF received $117.4 million, bringing its total assets to $9.65 billion, making it the third-largest Bitcoin ETF in the United States.

Bitwise’s Bitcoin ETF attracted over $30 million, reaching nearly $2.1 billion in assets, while VanEck’s HODL saw an influx of $12.8 million, holding close to $600 million in assets.

Other Bitcoin ETFs, including those from major financial players, did not report any noteworthy changes in their inflow or outflow figures.

At present, the market sentiment surrounding Bitcoin ETFs and other crypto investment products is heavily influenced by fear, uncertainty, doubt, and greed.