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

Recently renewed optimism for an approved Bitcoin (BTC) spot exchange-traded money (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to manufacture pundits.

Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie person followed concern elephantine BlackRock successful applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which immoderate analysts judge is the crushed for Bitcoin’s 19% terms surge to $30,240 since June 16.

5 Bitcoin ETF applications successful 5 days!
- Blackrock
- Fidelity
- Invesco
- Wisdom Tree
- Valkyrie

— Lark Davis (@TheCryptoLark) June 21, 2023

Cameron Winklevoss, the co-founder of cryptocurrency speech Gemini, stated connected June 21 that helium believe“The Great Accumulation” of Bitcoin has begun betwixt institutions and retail investors.

He suggested that buying Bitcoin anterior to the ETFs hitting the nationalist marketplace is akin to that of a pre-Initial Public Offering acquisition and suggested that the “floodgates” for buying Bitcoin are “closing fast.”

The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the model to acquisition pre-IPO bitcoin earlier ETFs spell unrecorded and unfastened the floodgates is closing fast. If bitcoin was the astir evident and champion concern of the erstwhile decade, this…

— Cameron Winklevoss (@cameron) June 21, 2023

MicroStrategy Chair Michael Saylor weighed successful connected the taxable successful his ain post, suggesting that retail investors whitethorn soon beryllium pushed speech by expanding organization demand:

“The model to front-run organization request for Bitcoin is closing.”

Bitcoin is presently trading hands for $30,240, portion the Crypto Fear and Greed scale has skyrocketed from 49 (Neutral) to 65 (Greed) successful conscionable the past 2 days.

Bitcoin Fear and Greed Index astatine 65 arsenic of June 22. Source: Alternative.me

In a June 21 interview with CNBC, Bitcoin capitalist Anthony Pompliano said helium expects a tug-of-war to play retired betwixt retail investors and Wall Street:

“We person institutions and individuals scrambling to effort to get their stock of the 21 cardinal Bitcoin that volition ever beryllium successful existence. The retail capitalist for 15 years present has a caput commencement and has accumulated each the Bitcoin that’s been mined and enactment into circulation, but 68% of that hasn’t moved successful a year.”

“People hide that bitcoin went from $0 to astir $1 trillion marketplace headdress with astir nary organization participation,” said Pompliano successful a June 21 Twitter post.

So erstwhile “Wall Street and BlackRock amusement up to the market,” Pompliano expects Bitcoin to go “highly illiquid” due to the fact that retailers “don’t privation to merchantability to Wall Street,” helium added during the CNBC interview.

— Pomp (@APompliano) June 21, 2023

Related: Grayscale Bitcoin Trust nears 2023 highs connected BlackRock ETF filing arsenic buyers measurement up

Meanwhile, Dylan LeClair, a Bitcoin expert and laminitis of 21st Paradigm explained that Bitcoin’s terms is present “extremely inelastic” — “more truthful than ever” — amid the caller ETF filings, which are serving arsenic a “catalyst” for ample amounts of caller flows into the market.

However, LeClair predicts that nary ETF exertion volition beryllium approved by the SEC until January oregon February 2024 astatine the earliest.

— Dylan LeClair (@DylanLeClair_) June 21, 2023

Magazine: Hall of Flame: William Clemente III tips Bitcoin volition deed six figures toward extremity of 2024