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Peter Schiff, one of Bitcoin's most prominent critics, recently took on social media X to highlight the leading cryptocurrency's disappointing results.
Schiff pointed to the fact that all of the gains recorded by the leading cryptocurrency came in the first two months of the year.
The leading cryptocurrency has fallen more than 8% since the end of February. Meanwhile, the price of gold has risen a whopping 23% over the same period.
“The momentum has changed,” Schiff added.
Despite a quick recovery from the devastating crash that occurred in early August, Bitcoin still fell 8.74% for the month, which was a major blow to the bulls.
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It is worth noting that September is usually the least successful month for the largest cryptocurrency. Bitcoin has only been in the black a few times in its history.
In September 2019, Bitcoin fell by 13.91%. In 2014, it fell by 19.31%.
This month could be different, however, as many expect the US Federal Reserve to finally cut interest rates.
Bitcoin ETFs See Increased Outflows
Bitcoin exchange-traded funds have managed to rekindle interest in Bitcoin, ultimately pushing the price of the leading cryptocurrency by market cap to its current peak in March.
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However, Bitcoin ETFs have recently exploded with disappointing numbers. Last week, these products saw $277 million in outflows.
BlackRock's record IBIT also saw Last week marked the second-biggest day of capital outflow in history.