- Major investment firms apply for Bitcoin spot ETFs, contributing to a 19% price increase in Bitcoin.
- According to Gemini’s co-founder, Cameron Winklevoss, “The Great Accumulation” phase has commenced, anticipating robust buying from institutions and retail investors.
Fuelled by Bitcoin’s prospects of getting exchange-traded funds (ETFs) approved, the cryptocurrency market is entering what industry leaders dub “The Great Accumulation” phase. Recently, financial powerhouses such as BlackRock, Fidelity, Invesco, Wisdom Tree, and Valkyrie have all joined the race to secure a Bitcoin spot ETF, setting the stage for a price uptick.
This surge of institutional interest has resulted in a 19% price increase for Bitcoin since June 16, sparking a competitive accumulation race among investors. Gemini’s co-founder, Cameron Winklevoss, shared his insights on June 21, suggesting that “The Great Accumulation” of Bitcoin has been initiated among both retail investors and institutions. He likens buying Bitcoin prior to ETFs’ public debut to a pre-Initial Public Offering (IPO) purchase, hinting that the window to enter the Bitcoin market is closing rapidly.
High-profile investors, including MicroStrategy Executive Chairman Michael Saylor, shared similar sentiments. He speculates that escalating institutional demand might soon overshadow retail investors, indicating that the opportunity to front-run Bitcoin’s institutional demand is diminishing.
The dynamic interplay between institutional and retail investors is also the center of focus for Bitcoin investor Anthony Pompliano. He expects a clash between these two factions over the finite supply of Bitcoin, with retail investors enjoying an early lead. According to Pompliano, Bitcoin’s unprecedented rise to a nearly $1 trillion market cap occurred with minimal institutional participation. As traditional finance giants like BlackRock join the Bitcoin market, he predicts a phase of high illiquidity since retail investors are reluctant to sell their Bitcoin holdings to institutional entities.
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Meanwhile, Dylan LeClair, Bitcoin analyst and founder of 21st Paradigm, argues that the recent ETF filings are a significant catalyst for Bitcoin’s price, rendering it “extremely inelastic.” Despite this optimistic scenario, LeClair expects that no ETF application will be approved by the SEC until early 2024.
As the “Great Accumulation” phase heats up, the Bitcoin ETF saga takes new turns with BlackRock and Bitwise renewing their attempts for a spot Bitcoin ETF. While differences exist in their approaches, both efforts serve to build upon the momentum in the race to secure the elusive Bitcoin ETF. Such developments further underscore the intensified competition in the Bitcoin market, adding fuel to the ongoing accumulation race.
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