{"id":12436,"date":"2023-06-22T04:22:11","date_gmt":"2023-06-22T04:22:11","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12436"},"modified":"2023-06-22T04:22:12","modified_gmt":"2023-06-22T04:22:12","slug":"the-great-accumulation-of-bitcoin-has-begun-says-geminis-winklevoss","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12436","title":{"rendered":"&#8216;The Great Accumulation&#8217; of Bitcoin has begun, says Gemini&#8217;s Winklevoss"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Recently renewed optimism for an approved Bitcoin (BTC)\u00a0spot exchange-traded fund (ETF) is igniting \u201cThe Great Accumulation Race\u201d for Bitcoin, according to industry pundits.<\/p>\n<p>Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin\u2019s 19% price surge to $30,240 since June 16.<\/p>\n<p lang=\"en\" dir=\"ltr\">5 Bitcoin ETF applications in 5 days! <br \/>&#8211; Blackrock <br \/>&#8211; Fidelity<br \/>&#8211; Invesco <br \/>&#8211; Wisdom Tree<br \/>&#8211; Valkyrie<\/p>\n<p>\u2014 Lark Davis (@TheCryptoLark) June 21, 2023<\/p>\n<p>Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, stated on June 21 that he believes \u201cThe Great Accumulation\u201d of Bitcoin has begun between institutions and retail investors.<\/p>\n<p>He suggested that buying Bitcoin prior to the ETFs hitting the public market is akin to that of a pre-Initial Public Offering purchase and suggested that the \u201cfloodgates\u201d for buying Bitcoin are \u201cclosing fast.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase 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\u2026<\/p>\n<p>\u2014 Cameron Winklevoss (@cameron) June 21, 2023<\/p>\n<p>MicroStrategy Executive Chairman Michael Saylor weighed in on the subject in his own post,\u00a0suggesting that retail investors may soon be pushed aside by increasing institutional demand:<\/p>\n<p>\u201cThe window to front-run institutional demand for Bitcoin is closing.\u201d<\/p>\n<p>Bitcoin is currently trading hands for $30,240, while the Crypto Fear and Greed index has skyrocketed from 49 (Neutral) to 65 (Greed) in just the last two days.<\/p>\n<p><em>Bitcoin Fear and Greed Index at 65 as of June 22. Source: Alternative.me<\/em><\/p>\n<p>In a June 21\u00a0interview with CNBC, Bitcoin investor Anthony Pompliano said he expects a tug-of-war to play out between retail investors and Wall Street:<\/p>\n<p>\u201cWe have institutions and individuals scrambling to try to get their share of the 21 million Bitcoin that will ever be in existence. The retail investor for 15 years now has a head start and has accumulated all the Bitcoin that\u2019s been mined and put into circulation, but 68% of that hasn\u2019t moved in a year.\u201d<\/p>\n<p>\u201cPeople forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation,\u201d Pompliano\u00a0said\u00a0in a June 21 tweet.<\/p>\n<p>So when \u201cWall Street and BlackRock show up to the market,\u201d Pompliano expects Bitcoin to become \u201chighly illiquid\u201d because retailers \u201cdon\u2019t want to sell to Wall Street,\u201d he added during the CNBC interview.<\/p>\n<p lang=\"en\" dir=\"ltr\">BlackRock shows up and bitcoin is up 20% for the week.<\/p>\n<p>People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation.<\/p>\n<p>If retail investors were good for $1T, what do you think happens when the deep pockets come play?<\/p>\n<p>\u2014 Pomp  (@APompliano) June 21, 2023<\/p>\n<p><strong><em>Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers step up <\/em><\/strong><\/p>\n<p>Meanwhile, Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm,\u00a0explained that Bitcoin\u2019s price is now \u201cextremely inelastic\u201d \u2014 \u201cmore so than ever\u201d \u2014 amid the recent ETF filings, which are serving as a \u201ccatalyst\u201d for large amounts of new flows into the market.<\/p>\n<p>However, LeClair predicts that no ETF application will be approved by the SEC until January or February 2024 at the earliest.<\/p>\n<p lang=\"en\" dir=\"ltr\">Bitcoin&#8217;s supply is extremely inelastic, more so than ever currently. <\/p>\n<p>A spot ETF is obviously a catalyst for a large amount of new flows to come into the market, which not only has changed the narrative but has prompted others to front run said future flows.<\/p>\n<p>TLDR: Send it. pic.twitter.com\/Jd8Gm8o3Mx<\/p>\n<p>\u2014 Dylan LeClair  (@DylanLeClair_) June 21, 2023<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/great-accumulation-bitcoin-begun-gemini-cofounder-winklevoss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently renewed optimism for an approved Bitcoin (BTC)\u00a0spot exchange-traded fund (ETF) is igniting \u201cThe Great Accumulation Race\u201d for Bitcoin, according to industry pundits. Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12436"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12436\/revisions"}],"predecessor-version":[{"id":12438,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12436\/revisions\/12438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12437"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}