‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss

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Recent optimism over the approval of Bitcoin (BTC) spot exchange-traded funds (ETFs) has recently been renewed, and a “massive accumulation race” for bitcoin has begun, according to industry experts. .

Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in applying for spot Bitcoin ETFs to the U.S. Securities and Exchange Commission. Some analysts believe this is why the Bitcoin price has risen 19% since June to $30,240. 16.

5 bitcoin ETF applications in 5 days!
– black rock
– Fidelity
– Invesco
– Tree of Wisdom
– Valkyrie

— Lark Davis (@TheCryptoLark) June 21, 2023

Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini said On June 21, he said he believed the “great accumulation” of bitcoin had begun among institutional and retail investors.

He suggested that buying bitcoin before an ETF hits the public market would be similar to buying before an initial public offering, adding that the “water gates” for buying bitcoin are “closing rapidly.” suggested.

A large accumulation of Bitcoins has begun. Anyone watching the flurry of ETF filings knows that the window to buy pre-IPO bitcoin before the ETFs go live and the floodgates open is rapidly closing. If Bitcoin was the most obvious and best investment of the last decade, this is…

— Cameron Winklevoss (@cameron) June 21, 2023

MicroStrategy Chairman Michael Saylor provided his thoughts on the matter in his post. suggest Retail investors may soon be sidelined by increased demand from institutional investors:

“The window of institutional demand for bitcoin is closing.”

Bitcoin is currently trading at $30,240, but the crypto fear and greed index surged from 49 (neutral) to 65 (greedy) in just the past two days.

on June 21st interview Bitcoin investor Anthony Pompliano told CNBC that he expects a tug-of-war between retail investors and Wall Street.

“Our institutions and individuals are scrambling to get their share of the 21 million bitcoins that are yet to come. We are accumulating all the bitcoins that have been mined and circulated since we started, 68% of which have not moved in over a year.”

“People forget that Bitcoin’s market cap has gone from $0 to nearly $1 trillion with little institutional participation.” Said Pompliano said in a Twitter post on June 21.

Therefore, Pompliano expects Bitcoin to become “very illiquid” because retailers “don’t want to sell to Wall Street” “when Wall Street and BlackRock show up on the market.” added in an interview with CNBC.

BlackRock has arrived and Bitcoin is up 20% this week.

People forget that Bitcoin has gone from $0 to nearly $1 trillion in market cap with little institutional participation.

If retail investors were okay with $1 trillion, what do you think would happen when the money started to flow?

— Pump (@APompliano) June 21, 2023

RELATED: BlackRock ETF Filed Grayscale Bitcoin Trust Nears 2023 Highs as Buyers Strengthen

Meanwhile, Bitcoin analyst and 21st Paradigm founder Dylan Leclair said: explained Bitcoin’s price is now “extremely inelastic”, or “more elastic than ever”, while recent ETF filings have acted as a “catalyst” for the massive influx of new money into the market. It is said that there is

However, Lucrea Predict The ETF application will not be approved by the SEC until January or February 2024 at the earliest.

Bitcoin supply is now much more inelastic than ever before.

Spot ETFs clearly triggered a flood of new flows into the market, changing the narrative as well as encouraging other investors to get ahead of future flows.

TLDR: Submit. pic.twitter.com/Jd8Gm8o3Mx

— Dylan LeClair (@DylanLeClair_) June 21, 2023

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