Bitcoin (BTC) Began the New Week on a Downward Trend

Crypto skeptic Peter Schiff noted that recent trading patterns and ETF inflows suggest that experienced investors are selling BTC on the spot market

Bitcoin (CRYPTO: BTC) started the new week on a downward trend.

At the time of writing on Monday evening, BTC was trading down 1.06% over 24 hours at $54,404. Over the past seven days, Bitcoin had seen a loss of 1.5%, and since the start of the month, the cryptocurrency had declined by over 11%.

Crypto skeptic and precious metals enthusiast Peter Schiff weighed in on the recent trading patterns and ETF inflows.

Recent trading patters and ETF inflows suggest that experienced investors are selling $BTC in the spot market while less experienced investors are purchasing it through ETFs.

Are the Bitcoin whales setting up ETF investors to bear the brunt of potential losses?

Schiff, who is known for his skepticism towards cryptocurrency and his preference for gold, also noted that many people who profited from Bitcoin did so more by luck than by skill.

“Many people who made money in Bitcoin did so not because they were smart but because they were lucky. They got in early and rode the wave of greater fool theory enthusiasm.”

Bitcoin ETFs saw a net inflow of over $143 million on the last trading day, data from VettaFi showed. Most of this went to Fidelity Investments’ FBTC, which saw an inflow of $117.4 million and now has $9.65 billion in assets, making it the third-largest Bitcoin ETF in the U.S.

Other Bitcoin ETFs, including those from BlackRock (NYSE:BLK), Franklin Templeton and Valkyrie Digital Assets, saw no significant changes in inflows or outflows.