Peter Schiff Highlights Bitcoin's Underwhelming Performance, Says 'The Momentum Has Turned'

Peter Schiff, one of the most notorious Bitcoin critics, recently took to the X social media network to highlight the underwhelming performance of the leading cryptocurrency.

Peter Schiff, a renowned Bitcoin critic, recently highlighted the underwhelming performance of the leading cryptocurrency on social media.

Schiff pointed out that all of Bitcoin's gains for the year were recorded in the first two months. Since late February, Bitcoin is down over 8%. In the same period, the price of gold is up by as much as 23%.

"The momentum has turned,” Schiff added.

Despite quickly recovering from a devastating crash in early August, Bitcoin still ended up being down 8.74% for the month, dealing a blow to the bulls.

It is interesting to note that September tends to be the least successful month for Bitcoin. Throughout its history, only a handful of times did Bitcoin manage to close in the green during this month.

In 2019, Bitcoin crashed by as much as 13.91% in September. In 2014, it plunged by 19.31%.

However, this year might be different as the U.S. Federal Reserve is largely expected to finally cut interest rates.

Bitcoin ETFs see more outflows

Bitcoin exchange-traded funds managed to revive interest in Bitcoin, ultimately pushing the price of the leading cryptocurrency by market capitalization to its current peak in March.

However, as of late, Bitcoin ETFs have hit a snag with underwhelming numbers. Last week, these products saw a total of $277 million in outflows.

BlackRock's record-shattering IBIT also saw its second day of outflows in history last week.