The much-anticipated launch of Ethereum (ETH) spot ETFs in the U.S. hasn’t led to a rise in ETH’s price. In fact, the price has fallen since the ETFs were introduced. Noting this trend, well-known economist and global strategist Peter Schiff has pointed out that both Ethereum and Bitcoin have dropped significantly, while gold has stayed strong.

Ethereum ETFs Struggle, Ether Price Drops

Ethereum ETFs have faced a rough start, drawing just $107 million in net inflows on their launch day. This figure is notably lower than the $655 million that Bitcoin ETFs attracted on their debut. Over the past two weeks since their launch, Ethereum ETFs have experienced substantial outflows. Leading the charge is Grayscale’s Ethereum ETF, which saw a $61.4 million outflow. 

Meanwhile, Peter Schiff has pointed out that Ethereum ETFs have already fallen 15% in just two weeks, ending the week at new lows. Due to that, Ethereum’s price has dropped below $3,000, down 5.3% in the last 24 hours and nearly 9% over the past week.

Schiff believes that Ethereum could fall another 30% from its current levels. With ongoing significant outflows from Ethereum ETFs, he predicts that Ethereum might soon drop below $2,000.

While cryptocurrencies are struggling, gold has gained 2% this week, showing its stability in a shaky market. Peter Schiff highlights his long-held belief in gold as a more stable investment. He declared, “The race is over. Gold wins the medal.”

Bitcoin in the Japanese Market

Bitcoin, on the other hand, has dropped 10% this week currently trading at $61,613, making it look much less stable compared to gold. Schiff argues that Bitcoin’s ups and downs make it a riskier investment.

Moreover, Schiff drew attention to Bitcoin’s performance in the Japanese market. Bitcoin has dropped 13% in Japanese yen, which is concerning for Japanese investors who had considered it a safe haven. 

In comparison, gold in the Yen has only decreased by 2.5%, a relatively minor dip given that Japanese stocks fell by 7.3% over the week. Schiff suggests that Japanese investors might soon abandon Bitcoin in favor of more stable assets like gold.

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