Peter Schiff: 'Smart Money' Is Selling #Bitcoin in the Spot Market While 'Dumb Money' Is Buying It Through ETFs
- WBOYOriginal
- 2024-07-11 13:57:111083browse
Recent market data has revealed diverse behaviors among Bitcoin investors, with large holders reportedly selling their positions while retail investors show increasing interest in the newly launched Bitcoin Exchange-Traded Funds (ETFs).
Recent market data reveals diverse behaviors among Bitcoin investors. Large holders are reportedly selling their positions, while retail investors show increasing interest in the newly launched Bitcoin Exchange-Traded Funds (ETFs).
This divergence has been noticed by Economist Peter Schiff, who characterizes it as a split between “smart money” exiting Bitcoin positions and “dumb money” entering through ETFs. In his comment, Schiff refers to participants who have been dumping their bitcoins at exchanges as “smart money.”
“Based on the trading patters and ETF inflows, it looks like the smart money is selling #Bitcoin in the spot market while the dumb money is buying it through ETFs. Congratulations to the Bitcoin whales for pulling this off. They set up #BitcoinETF investors to be the bag holders.”
This smart money move is evident in the recent large-scale transfers of bitcoins from whale addresses to exchanges. For instance, on July 5th, two whale addresses transferred 9,301 BTC to Binance crypto exchange. This follows a series of substantial transfers totaling approximately $3 billion in Bitcoin value the previous day.
Meanwhile, the spot Bitcoin ETF market is experiencing notable inflows. Fidelity's Bitcoin ETF (FBTC) recorded $117 million in new investments on Friday, with Bitwise's offering (BITB) following at $30 million. Other ETF providers, including BlackRock, Grayscale, ARK 21Shares, and WisdomTree, are also seeing increased interest from investors.
Some in the crypto space have speculated that long-term holders may be taking advantage of current market conditions to realize gains, while new investors are seeking exposure through regulated ETF products.
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