U.Today – Renowned financial expert and investor Peter Schiff has once again criticized ETFs, stating that their recent results show that the hype surrounding them is unfounded.
In a recent post, Schiff highlighted the wide gap in returns between Bitcoin and gold ETFs. While the former has posted modest gains of less than 17% since its launch in January, the precious metals ETF is up over 24% despite significant outflows. Schiff believes this shows that investors have made a mistake in favoring Bitcoin ETFs.
However, the expert has long been critical of the Bitcoin ETF. The investor has been saying for some time that cryptocurrencies are fundamentally flawed assets with no intrinsic value. His latest comments also come at a tough time for the industry, as the price of Bitcoin continues to fluctuate.
More pain
Schiff boasts as spot Bitcoin ETFs continue to face net outflows. Yesterday, September 4, these ETFs saw total net outflows of $37.29 million, marking the sixth day in a row of outflows. Grayscale’s GBTC ETF, which used to be a large player in this space, saw net outflows of $34.25 million on the same day. This brings the total historical net outflows to a whopping $19.94 billion.
On the other hand, the Bitwise ETF BITB fund managed to attract a net inflow of $9.46 million on September 4, but this was not enough to offset the overall outflow trend.
