Economist: The losses of Bitcoin ETFs will further expand, they are "currently in a bear market"

Economist Peter Schiff warns that losses from Bitcoin spot exchange-traded funds (ETFs) will further expand, emphasizing that they are "now in a bear market." Schiff referred to the Proshares Bitcoin Strategy ETF, which has fallen more than 50% over the past two years. He predicts those who buy newly approved Bitcoin spot ETFs will "experience worse outcomes."

 

He added: "The biggest loser is FBTC (Fidelity Wise Origin Bitcoin Fund), which fell by 32%. In subsequent posts, he wrote: “Proshares Bitcoin Strategy ETF tracking bitcoin futures was launched in October 2021. BITO opened at $40.88. So far, today's low point is $19, down more than 50% over the past two years or so. I think anyone who bought any of the 11 spot bitcoin ETFs will experience worse results. At the time of writing this article, BITO traded at $19.04 and has fallen nearly 52% since its inception."