Peter Schiff Names Main Problem with Bitcoin ETFs

Gold bug Peter Schiff keeps riling up Bitcoiners amid the ongoing price crash. This time, the controversial market commentator tookat struggling Bitcoin ETF offerings, arguing that their buyers have to"watch helplessly" without being able to exit the market. Unlike the Bitcoin market, which operates globally 24/7, the liquidity of Bitcoin ETF is limited only to US market hours.

Now that the market has crashed overnight, ETF buyers have no option to sell, and they have to wait until the market reopens in the morning. , the price of the leading cryptocurrency came awfully close to crashing below the $60,000 level earlier today, extending its streak of losses. The cryptocurrency market is showing no signs of resilience, with relentless selling resulting in more than half a billion dollars being liquidated over the last 24 hours. Moreover, the upcoming rate cut decision by the Federal Reserve appears to be yet another bearish headwind.

So far, the market looks extremely dire for bulls, with the Bitcoin price plunging nearly 20% from its recent high., arguing that the phenomenon that the gold bug described is not actually exclusive to Bitcoin ETFs. The same exact thing applies to gold-based ETFs and international equity ETFs. He further noted that there are market-moving events in the stock market that happen when trading is now available.

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