Samson Mow, Jan3 boss and a strong believer that Bitcoin will soon reach a $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 reverse 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 when the SEC allowed converting GBTC into a spot ETF and also approved the launch of ten 10 spot Bitcoin ETFs on January 11.
One of the major reasons for investors exiting Grayscale is that this company charges much higher fees than its rivals in the ETF market.
As for the biggest Bitcoin ETF, BlackRock’s IBIT, who 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 the Bitcoin community to “plan accordingly.”
All #Bitcoin ETF outflows will eventually become inflows. Plan accordingly.
— Samson Mow (@Excellion) March 21, 2024
While responding to multiple Twitter/X accounts who 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.”
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 of the SEC. Should they approve ETH ETF, Solana, XRP or a meme coin ETF may follow, which he would not like to happen.
So it looks like the SEC doesn’t want to approve 20,000 shitcoin ETFs, so #Ethereum will be deemed a security (it obviously is). https://t.co/HPy6ZdxBCj
— Samson Mow (@Excellion) March 20, 2024
