{"id":21334,"date":"2024-08-06T15:07:37","date_gmt":"2024-08-06T15:07:37","guid":{"rendered":"https:\/\/buycrypt.com\/blog\/?p=21334"},"modified":"2026-07-14T15:50:37","modified_gmt":"2026-07-14T15:50:37","slug":"bitcoin-bear-peter-schiff-predicts-btc-etf-selloff-to-overwhelm-spot-market","status":"publish","type":"post","link":"https:\/\/buycrypt.com\/blog\/en\/bitcoin-bear-peter-schiff-predicts-btc-etf-selloff-to-overwhelm-spot-market\/","title":{"rendered":"Bitcoin Bear Peter Schiff Predicts BTC ETF Selloff To Overwhelm Spot Market"},"content":{"rendered":"<p><em><strong>It\u2019s Peter Schiff\u2019s time to shine.<\/strong><\/em><\/p>\n<p>Peter Schiff on Monday criticized the orange crypto for its price volatility and predicted that Bitcoin ETF markets would crash the on-chain BTC market even further.<\/p>\n<p>The founder and chief economist, and global strategist for Euro Pacific Capital said on Monday that a selloff this week in Bitcoin ETFs will reveal the extent of the market\u2019s woes over the weekend\u2019s price declines.<\/p>\n<p>Bitcoin ETFs saw $237.4 million in outflows on Friday, according to data from Farside Investors.<\/p>\n<h2>Peter Schiff: More Pain To Come in Bitcoin ETFs<\/h2>\n<p>\u201cOnce the Ethereum and Bitcoin ETFs open for trading CNBC will no longer be able to sugar coat the magnitude of the decline,\u201d Schiff said. \u201cThat\u2019s because those drops will included the losses from Saturday. If ETF investors sell instead of buy, liquidations could overwhelm the spot markets.\u201d<\/p>\n<p>Bitcoin price on crypto exchanges fell from a high above $68,000 a week ago to below $50,000 Monday as fears of a U.S. recession grip global markets in a panic. Goldman Sachs recently raised its recession odds to 25%.<\/p>\n<p>The painful losses wiped over half a trillion dollars from crypto markets in a matter of days, leaving 300,000 crypto traders affected.<\/p>\n<h2>BTC\u2019s Reserve Asset Suitability In Question<\/h2>\n<p>Schiff, an inveterate long-term Bitcoin skeptic, also took Monday to question Bitcoin\u2019s value as a reserve asset for governments and central banks.<\/p>\n<p>It\u2019s a conversation that policymakers like Wyoming Senator Cynthia Lummis (R) and former President Donald Trump have recently moved forward. In July, Lummis proposed establishing a $67 billion strategic Bitcoin reserve.<\/p>\n<p>Such a policy would diversify the U.S. Treasury\u2019s balance sheet into cryptocurrency and represent a massive sea change in the government\u2019s stance toward Web 3 properties. Peter Schiff said the recent crypto crash in Bitcoin\u2019s price proves it is not suitable as a reserve financial instrument for civil body politics.<\/p>\n<p><em>\u201cThis weekend\u2019s Bitcoin crash is an example of why Bitcoin will never be a reserve asset for any major government or central bank,\u201d Schiff wrote. \u201cA reserve asset must have relatively low volatility. It needs to be readily sold when needed. It can\u2019t crash more than assets it\u2019s supposed to hedge.\u201d<\/em><\/p>\n<p>Source: www.cryptopotato.com<\/p>\n<p><!-- related-seo --><\/p>\n<div class=\"related-seo\">\n<h3>Related articles<\/h3>\n<ul>\n<li><a href=\"https:\/\/buycrypt.com\/blog\/en\/these-economic-factors-could-put-bitcoin-in-a-slow-bleed-environment-bitfinex\/\">These Economic Factors Could Put Bitcoin in a \u2018Slow Bleed Environment\u2019 (Bitfinex)<\/a><\/li>\n<li><a href=\"https:\/\/buycrypt.com\/blog\/en\/25495-2\/\"><\/a><\/li>\n<li><a href=\"https:\/\/buycrypt.com\/blog\/en\/bitcoin-above-110800-as-asia-us-liquidity-battle-shapes-price-direction\/\">Bitcoin Above $110,800 as Asia-US Liquidity Battle Shapes Price Direction<\/a><\/li>\n<\/ul>\n<\/div>\n<p><!-- \/related-seo --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff predicts that the Bitcoin ETF sell-off will deepen the BTC spot market decline and increase cryptocurrency volatility.<\/p>\n","protected":false},"author":1,"featured_media":21344,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_title":"Peter Schiff Predicts BTC ETF Sell-Off Will Crush Spot Market","rank_math_description":"Peter Schiff forecasts that the Bitcoin ETF sell-off will worsen the BTC spot market drop. Read the full analysis and market insights.","rank_math_focus_keyword":"BTC ETF sell-off","_forpost_external_id":"","_seorun_article_id":"","footnotes":""},"categories":[369],"tags":[852,9820,2824,9823,3685],"class_list":["post-21334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-bitcoin-en","tag-btc-etf-3","tag-market","tag-peter-schiff","tag-sell-off","resize-featured-image"],"lang":"en","translations":{"en":21334,"uk":21335,"ru":21336},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts\/21334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/comments?post=21334"}],"version-history":[{"count":4,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts\/21334\/revisions"}],"predecessor-version":[{"id":47586,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts\/21334\/revisions\/47586"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/media\/21344"}],"wp:attachment":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/media?parent=21334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/categories?post=21334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/tags?post=21334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}