Gold enthusiast Peter Schiff recently issued a cautionary message on X (formerly Twitter), warning Bitcoin enthusiasts that institutional exchange-traded fund (ETF) buyers won't be their salvation.

Schiff's assertion suggests that the entry of institutional ETF buyers into the cryptocurrency market could potentially exacerbate instability, as he believes all ETF buyers are essentially future sellers. "In contrast, many spot buyers intend to hold their Bitcoin until it ultimately replaces fiat currencies," he remarked.

Today, the leading cryptocurrency experienced a notable dip, reaching an intraday low of $66,207, marking a loss of more than 5%. Last week, despite robust buying pressure driven by stronger-than-expected US jobs data, Bitcoin failed to breach the $72,000 threshold.

The trend of consecutive inflows into US-based spot Bitcoin ETFs, which lasted for 19 days, came to an abrupt end recently. On Monday, these ETF products witnessed outflows totaling nearly $65 million, with BlackRock's IBIT ETF managing only modest inflows of $6.3 million.

As market observers await the release of the consumer price index (CPI) report for May, scheduled for Wednesday, Bitcoin is anticipated to undergo further volatility. This crucial inflation indicator will offer insights into the Federal Reserve's future policy decisions, with accelerating inflation figures potentially posing a bearish threat to Bitcoin, and vice versa.

In addition to the CPI report, the Fed is set to announce its interest rate decision on Wednesday. However, this event is unlikely to spur significant volatility, as rates are widely anticipated to remain unchanged.