Following the approval of the Bitcoin Spot ETFs, the BTC price, which recently rose to $49,000, has experienced a significant decline. It is currently trading at $43,824, marking a decline of around 5% in the last 24 hours.
Famous anti-Bitcoin analyst Peter Schiff expressed his thoughts on this latest decline. “As speculators sell shares of spot BTC ETFs, the ETFs will be required to place Bitcoin exclusively in exchange for US dollars. Tether will not be an acceptable form of payment,” Schiff explained. “In the past, Tether has been used to provide liquidity and support prices. He touched upon potential liquidity problems by pointing out that “
Schiff also argued that speculators engaged in behavior that “bought the rumor of spot Bitcoin ETF approvals” and are now “selling the news.” He expressed little surprise at this development and sarcastically asked, “Who would have thought?” asked.
Schiff criticized CNBC for ignoring the decline as well as the $30 rally in gold.
The analyst also added that he wonders whether the BTC price is falling due to BTC Spot ETFs or whether Bitcoin Spot ETFs are in a downward trend because the BTC price is falling.
*This is not investment advice.