U.Today – Well-known financial expert and investor Peter Schiff has once again criticized ETFs, claiming that their recent performance proves the hype surrounding them wrong.
In a recent post, Schiff pointed out the stark difference in returns between Bitcoin and gold ETFs. While the former have seen modest gains of less than 17% since their launch in January, the precious metals ETF is up more than 24% despite significant outflows. In Schiff's view, this shows that investors made a mistake by favoring Bitcoin ETFs.
However, the expert has long been a critic of Bitcoin ETFs. The investor has long said that cryptocurrencies are fundamentally flawed assets with no intrinsic value. His latest comments also come at a difficult time for the industry, as the price of Bitcoin continues to struggle.
More pain
Schiff’s boast comes at a time when Bitcoin spot ETFs continue to face net outflows. Yesterday, September 4, these ETFs saw a total net outflow of $37.29 million, marking six straight days of outflows. Grayscale’s GBTC ETF, which used to be a major player in the sector, saw a net outflow of $34.25 million on the same day. That brings its total historical net outflows to a whopping $19.94 billion.
On the other hand, the Bitwise BITB ETF managed to attract a net inflow of $9.46 million on September 4, but it was not enough to offset the overall outflow trend.
This article was originally published on U.Today
