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.
5 Bitcoin ETF requests in 5 days!
– Black rock
– Loyalty
-Invesco
– Tree of Wisdom
– Valkyrie— Lark Davis (@TheCryptoLark) June 21, 2023
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.
The great accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands that the window to buy pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this…
—Cameron Winklevoss (@cameron) June 21, 2023
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.
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.
BlackRock appears and bitcoin is up 20% for the week.
People forget that bitcoin went from $0 to nearly $1 trillion in market capitalization with almost no institutional stake.
If retail investors were good for $1,000,000, what do you think happens when deep pockets come into play?
— Pump (@APompliano) June 21, 2023
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.
Bitcoin’s supply is extremely inelastic, more than ever right now.
A spot ETF is obviously a catalyst for a lot of new flows to hit the market, which not only changed the narrative, but caused others to anticipate said future flows.
TLDR: Send it. pic.twitter.com/Jd8Gm8o3Mx
— Dylan LeClair (@DylanLeClair_) June 21, 2023
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