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Major Bitcoin ETF Warning Made by Samson Mow, Hold Tight

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Thu, 21/03/2024 - 9:43
Major Bitcoin ETF Warning Made by Samson Mow, Hold Tight
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Samson Mow, Jan3 boss and a strong believer that Bitcoin will soon reach the $1 million price mark, has made an important comment about the current outflows registered by spot Bitcoin ETF providers. He has warned the cryptocurrency community about the future reversing of events that he expects to happen.

Spot Bitcoin ETF facing massive outflows

Over the past few days, spot-based Bitcoin exchange-traded funds have been seeing staggering outflows – an astounding $742 million within three days this week. Experts believe that these outflows were largely triggered by yet another massive withdrawal of Bitcoin from Grayscale Bitcoin Trust (GBTC), which has been suffering from outflows consistently since the day the SEC allowed converting GBTC into a spot ETF and also approved the launch of 10 spot Bitcoin ETFs on Jan. 11.

One of the major reasons for investors exiting Grayscale is that this company charges much higher fees than its rivals on the ETF market.

As for the biggest Bitcoin ETF, BlackRock’s IBIT, which until recently has been the leader and once even saw a $1 billion inflow in a single day, has seen its daily inflow plummet to $49.3 million – the lowest amount over the last 18 trading days.

Mow issues warning about Bitcoin ETFs

Samson Mow, who is always optimistic about the future of Bitcoin and its price surge, tweeted that he believes these withdrawals will eventually turn back into inflows, recommending to the Bitcoin community to “plan accordingly.”

While responding to multiple X/Twitter accounts that have been tweeting recently that Bitcoin is likely to drop lower since the overall market sentiment does not look too good, Mow stated that the main driving force for Bitcoin is the “ultimate scarcity and unlimited demand,” and they “don’t care about your sentiment.”

Related

Mow's comment on potential ETH spot ETF approval

Mow also commented on the much-expected potential approval of ETFs based on the Ethereum spot trading price. Once again, the Bitcoin maximalist Mow stated that he believes ETH to be a security and believes that eventually the SEC will deem ETH as one.

In his view, the approval of ETH futures ETFs was a big mistake by the SEC. Should they approve the ETH ETF, Solana, XRP or a meme coin ETF may follow, which he would not like to see happen.

 

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