The economist highlighted current trading trends and the surge in BTC ETFs. Peter Schiff referred to those selling BTC on exchanges as “smart money”. He further scrutinized Bitcoin and its ETFs, emphasizing potential risks.
Schiff noted the ongoing trading patterns and the influx of Bitcoin ETFs, characterizing sellers on exchanges as “smart money”. Conversely, buyers of Bitcoin through ETFs were dubbed “dumb money” investors.
Recent reports pointed to significant sell-offs, with claims that two whale addresses unloaded 9,301 BTC on Binance on July 5. Earlier, Whale Alert, a respected on-chain tracker, noted large BTC transfers, sparking market speculation.
These transactions indeed involved around $3 billion worth of Bitcoin, precipitating a notable drop in its price. Moreover, dormant Bitcoin wallets became active, moving substantial holdings to exchanges.
Schiff criticized investors purchasing Bitcoin ETFs from major firms like BlackRock and Fidelity as part of the “dumb money” category. He argued ETF holders would suffer most from a Bitcoin price crash, a viewpoint exploited by BTC whales, whom he humorously praised as “smart”.
In today’s highlighted crypto news:
– Vitalik Buterin cautions about privacy challenges amidst the EU’s chat monitoring proposal.