Bitcoin’s ‘great accumulation’ has begun, says Gemini’s Winklevoss

Recently renewed optimism for an approved Bitcoin (BTC) cash exchange-traded fund (ETF) is sparking “The Great Accumulation Race” for Bitcoin, according to industry experts.

Over the past week, Fidelity, Invesco, Wisdom Tree, and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the U.S. Securities Exchange Commission, which some analysts say is the reason for Bitcoin’s price spike to $30,240 since June. 16.

Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, declared on June 21 that he believes Bitcoin’s “great accumulation” began between institutions and retail investors.

He suggested that buying Bitcoin before ETFs hit the public market is akin to buying pre-initial public offerings and suggested that the “gates” for buying Bitcoin “should be close quickly.

MicroStrategy President Michael Saylor weighed in on the subject in his own article, suggest that retail investors may soon be pushed aside by growing institutional demand:

“The window of leading institutional demand for Bitcoin is closing.”

Bitcoin is currently trading for $30,240, while the Crypto Fear and Greed Index has fallen from 49 (Neutral) to 65 (Greed) in the past two days alone.

Bitcoin Fear and Greed Index at 65 as of June 22. Source:

In a June 21 interview With CNBC, Bitcoin investor Anthony Pompliano said he expects a tug of war between retail investors and Wall Street:

“We have institutions and individuals scrambling to try and get their share of the 21 million bitcoins that will ever exist. The 15-year-old retail investor now has a head start and has accumulated all the Bitcoin that has been mined and put into circulation, but 68% of that hasn’t moved in a year.

“People forget that bitcoin went from $0 to nearly $1 trillion in market capitalization with almost no institutional stake,” said Pompliano in a June 21 Twitter post.

So when “Wall Street and BlackRock come to market,” Pompliano expects Bitcoin to become “very illiquid” because retailers “don’t want to sell to Wall Street,” he added during the talk. CNBC interview.

Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers intensify

Meanwhile, Dylan LeClair, Bitcoin analyst and founder of 21st Paradigm explain that Bitcoin’s price is now “extremely inelastic” – “more so than ever” – amid recent ETF filings, which serve as a “catalyst” for large amounts of new market flow.

However, LeClair predicted that no ETF application will be approved by the SEC until January or February 2024 at the earliest.

Magazine: Hall of Flame: William Clemente III predicts Bitcoin will hit six figures by the end of 2024