Peter Schiff Takes Aim at Bitcoin ETFs, Says Their Recent Performance Shows the Hype Is Misguided

Well-known financial expert and investor Peter Schiff has once again taken aim at Bitcoin ETFs, saying that their recent performance shows that the hype surrounding them is misguided.

Renowned financial expert and investor Peter Schiff has once again slammed Bitcoin ETFs, arguing that their recent performance highlights the misguided hype surrounding them.

In a recent post, Schiff highlighted the stark contrast in returns between Bitcoin and gold ETFs. While the former has seen a modest gain of less than 17% since launching in January, the precious metal ETF is up over 24% despite significant outflows. According to Schiff, this indicates that investors erred in favoring Bitcoin ETFs.

However, the expert has consistently maintained his skepticism toward Bitcoin ETFs, arguing that cryptocurrencies are inherently flawed assets lacking intrinsic value. His latest comments also come during a challenging period for the industry, with the price of Bitcoin continuing to struggle.

Since launching in January this year, the new #Bitcoin ETFs, despite massive inflows, are up less than 17%. In contrast, $GLD, the largest #gold ETF, despite massive outflows, is up over 24%. It's clear that despite all the hype, ETF investors bet on the wrong horse.

More pain

Schiff's remarks come as spot Bitcoin ETFs continue to experience net outflows. On September 4, these ETFs witnessed a total net outflow of $37.29 million, marking six consecutive days of outflows. Grayscale's GBTC ETF, which was once a dominant force in the space, saw a net outflow of $34.25 million that same day. This brings its total historical net outflows to a staggering $19.94 billion.

Meanwhile, the Bitwise ETF (BITB) managed to attract a net inflow of $9.46 million on September 4, but it was insufficient to counter the overall trend of outflows.