Peter Schiff, chairman of Euro Pacific Capital and a critic of BTC, has said he expects the price of Bitcoin to continue to fall dragged down by the decline in demand for spot Bitcoin ETFs.
He has said:
"The reason that investor buying of the new Bitcoin ETFs isn't pushing up the price of #Bitcoin is that the outflows from $GBTC plus selling of BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop."
Jim Cramer, a former hedge fund manager and host of the Mad Money show, has stated that the falling Bitcoin price is a "nasty beginning to the bitcoin selloff."
He has explained:
"Someone's probably going to try to make a stand here but as we said last night you can't have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up."