Peter Schiff Doubts Spot Bitcoin ETFs' Impact on Market

Peter Schiff, a known Bitcoin critic, questioned the impact of spot Bitcoin ETFs on the price movement of the digital asset. He noted that Bitcoin has traded sideways for three months despite the launch of 11 spot ETFs, currently trading 11% below its March high. Schiff questioned what is causing sell pressure on Bitcoin and what will happen when ETF buyers get tired of waiting and become sellers. Cryptocurrency analyst James Van Straten countered Schiff's arguments, citing basis trading as a factor contributing to the downturn in Bitcoin market. He highlighted that Bitcoin's average realized price is currently higher than during ETF launch, indicating that ETF buyers are in healthy profit. This comes just a week after Schiff warned about market instability due to reliance on institutional ETF buying to drive up Bitcoin prices. Previously, Schiff questioned the future of Bitcoin, suggesting that funds used to buy new Ethereum ETFs would come from existing Bitcoin ETFs. At the time of writing, Bitcoin was trading at $65,335.68, down 1.46% in the last 24 hours.