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Samson Mow, CEO of Jan3 and a staunch Bitcoin advocate, has cautioned the cryptocurrency community regarding recent outflows from spot-based Bitcoin exchange-traded funds (ETFs), projecting a potential reversal. Over the past few days, spot ETFs have experienced substantial withdrawals, totaling a staggering $742 million within three days, primarily attributed to massive Bitcoin withdrawals from Grayscale Bitcoin Trust (GBTC).
Mow highlights Grayscale’s higher fees compared to ETF competitors as a major factor driving investors away. Despite the decline in daily inflows for major ETFs like BlackRock’s IBIT, Mow remains optimistic, believing that these withdrawals will eventually revert to inflows. He emphasizes Bitcoin’s fundamental value, asserting its resilience to market sentiment. In addition, Mow expressed skepticism towards potential Ethereum (ETH) spot ETF approval, labeling ETH as a security and predicting SEC scrutiny.
