Economist and staunch Bitcoin critic Peter Schiff recently expressed concerns over ETF investors being set up to bear the brunt of losses. Schiff took to X to share his observations on the current trading patterns and ETF inflows of Bitcoin. He suggested that while the “smart money” is selling Bitcoin in the spot market, the “dumb money” is buying it through ETFs. In what looked like a cheeky remark, Schiff congratulated the Bitcoin whales for setting ETF investors to be the bag holders, a financial slang used for those who hold on to poorly performing assets. Schiff’s post comes in the wake of Bitcoin’s ongoing stress, compounded by potential sell-offs of billions worth of King Crypto from Tokyo-based cryptocurrency exchange Mt. Gox. Schiff stated last week that 70% of those who bought spot Bitcoin ETFs are losing money when Bitcoin trades at the $54,000 level. He suggested that a decline below $38,000 will push “100% of Bitcoin ETF buyers” into the red. . #peterschiff #etfs