From Fusion Media Limited:

Bitcoin (BTC) price sees all 2024 gains erased after the launch of ETF trading in the U.S., causing Peter Schiff to doubt whether Bitcoin bulls will hang onto their assets during the price drop. The weekend may be a long one for BTC bulls if the price continues to fall on Monday after a significant drop from $49,000 to below $42,000 in less than a day.

The drop in Bitcoin (BTC) price came as the dust settled after the launch of 11 Bitcoin ETFs in the U.S., and the migration of liquidity from Grayscale’s OTC trusts may have contributed to the decline. SkyBridge Capital founder Anthony Scaramucci called the sell-off of GBTC shares a powerful trigger of the painful Bitcoin (BTC) price drop to two-week lows. However, as of printing time, the Bitcoin (BTC) price managed to start recovering from the losses, with BTC changing hands over $42,500 on major spot exchanges.

While the significance of the BTC ETF approval for the blockchain industry is undisputed, some experts are concerned about its effects on Bitcoin (BTC) as an asset and technology in the midterm. BitMEX founder Arthur Hayes warned that BTC might turn into an ordinary TradFi asset as a result of the ETF, echoing the sentiments of SEC Chairman Gary Gensler, who finds the Bitcoin ETF contradictory to Satoshi Nakamoto’s vision for his brainchild.



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