Recently renewed optimism about a Bitcoin (BTC) exchange-traded fund (ETF) is igniting Bitcoin’s “Great Accumulation Race”, according to industry experts.
Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in filing for a Bitcoin ETF with the United States Securities Commission, which some analysts believe is the reason for Bitcoin’s 19% rally to $30,240 since June. 16.
5 Bitcoin ETF Applications in 5 Days!
– Black stone
– devotion
– Invesco
– Tree of wisdom
– Valkyrie– Lark Davis (@TheCryptoLark) June 21, 2023
Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, advertiser On June 21, he said he believes a “massive accumulation” of bitcoin has begun among institutional and retail investors.
He suggested that buying bitcoin before an ETF enters the public market is similar to buying an initial public offering, suggesting that the “flood gates” for buying bitcoin are “closing fast.”
The massive accumulation of bitcoin has begun. Anyone who’s watched the ETF deposit spree understands the window to buy pre-IPO bitcoin before ETFs start popping up and the floodgates are closing fast. If bitcoin is the most visible and best investment of the past decade, this is…
– Cameron Winklevoss (@cameron) June 21, 2023
Michael Saylor, CEO of MicroStrategy, brought up the topic in his post, suggestion That retail investors may soon be swept away by increased institutional demand:
“The window for forward managed institutional demand for Bitcoin is closing.”
Bitcoin is currently trading for $30,240 while the Crypto Fear and Greed Index has risen from 49 (Neutral) to 65 (Greed) in the past two days alone.
On June 21st 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 retail investor of 15 years ago now has a head start and has collected all the bitcoins that have ever been mined and put into circulation, but 68% of them haven’t moved in a year.”
“People forget that the value of bitcoins went from $0 to almost a $1 trillion market with almost no institutional involvement,” Pompliano He said In a June 21 tweet.
So when “Wall Street and Black Rock” appear in the market, Pompliano expects bitcoin to become “very illiquid” because retail traders “don’t want to sell to Wall Street,” he added during the CNBC interview.
BlackRock came out and bitcoin is up 20% for the week.
People forget that bitcoin skyrocketed from $0 to almost a $1 trillion market with almost no institutional involvement.
If retail investors are good at $1 trillion, what do you think will happen when you play deep pockets?
– Bomb (APompliano) June 21, 2023
Related: Grayscale Bitcoin Trust Nears 2023 Highs on BlackRock ETF Introducing as Buyers Step Up
Meanwhile, Dylan LeClair, Bitcoin analyst and founder of 21st Paradigm, to explain that the bitcoin price is now “extremely inelastic” – “more so than ever” – amid recent ETF filings, which act as a “catalyst” for large amounts of new inflows into the market.
However, LeClair Expect The ETF application will not be approved by the SEC until January or February 2024 at the earliest.
The Bitcoin supply is very inflexible, more than ever.
Spot ETFs are clearly a catalyst for a large amount of new inflows entering the market, which has not only changed the narrative but has led others to step forward in said futures inflows.
TLDR: Send it. pic.twitter.com/Jd8Gm8o3Mx
– Dylan LeClair (@DylanLeClair_) June 21, 2023
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