Crypto Updates

Peter Schiff Slams Bitcoin ETFs, Mocks Their Decline Since Launch: ‘Should Change Its Symbol From $HODL To $GTFO’

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

Gold bug Peter Schiff took a dig at the downturn in Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs), noting that all spot Bitcoin ETFs have entered a bear market – a term used when there’s a drop of 20% or more from their peak values. 

What Happened: In a tweet posted on X, Schiff said, “All the spot #BitcoinETFs are now in bear markets, defined as a drop of 20% or more from the peak.”

Schiff drew attention to the $FBTC fund, which has declined by 32%, and suggested that the Vaneck Bitcoin Trust, currently using the symbol $HODL, might consider changing to GTFO.

Gtfo is an internet slang acronym which means, “Get the f*ck out.”

All the spot #BitcoinETFs are now in bear markets, defined as a drop of 20% or more from the peak. The biggest loser is $FBTC, down 32%. I think the Vaneck #Bitcoin Trust should change its symbol from $HODL to GTFO.

— Peter Schiff (@PeterSchiff) January 22, 2024

He further pointed out the performance of the ProShares Bitcoin Strategy ETF ($BITO), which tracks Bitcoin futures. Since its launch in October 2021 at a price of $40.88, the ETF has fallen steeply, hitting a low of $19, equating to a loss of more than 50% in just over two years. Schiff warns that the investors of any of the 11 spot Bitcoin ETFs might face even more significant losses.

The ProShares Bitcoin Strategy ETF, which tracks #Bitcoin futures, launched in Oct. 2021. $BITO began trading at $40.88. So far today’s low was $19, down more than 50% in over two years. I think those who bought any of the 11 spot #BitcoinETFs will experience even worse results.

— Peter Schiff (@PeterSchiff) January 22, 2024

Adding to the strain on Bitcoin investment products, the estate managing the bankruptcies for FTX and Alameda Research has sold a major portion of their holdings in the Grayscale Bitcoin Trust (GBTC), as reported by Bloomberg. 

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Sources close to the situation told Bloomberg that before Jan. 11, the FTX estate owned 22.28 million GBTC shares, which at the time were valued at $902 million. Following the conversion of the trust into a spot ETF, “more than two-thirds” of these shares were sold over the course of three trading days. This suggests that their remaining shares now…

Click Here to Read the Full Original Article at Cryptocurrencies Feed…