Optimism Rekindled Recently for Bitcoin Approval, Spot exchange-traded funds (ETFs) are sparking a “massive accumulation race” for bitcoin, according to industry experts.
Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in filing for a bitcoin spot ETF with the SEC, which some analysts see as the reason for bitcoin's 19% surge to $30,240 since June. Rea son 16. Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, said on June 21 that he believes a "big accumulation" in bitcoin has already begun among institutional and retail investors.
He said buying bitcoin before an ETF is listed is similar to buying before an IPO, and said the “gates” for buying bitcoin are “closing fast.” MicroStrategy executive chairman Michael Saylor weighed in on the issue in his own post, suggesting that retail Investors could soon be pushed aside by increased institutional demand: “The window for institutional pre-emptive demand for Bitcoin is closing.”
Bitcoin is CurrenTly Trading at $ 30,240, While The Crypto Fear and Greed Index Has Surged from 49 (Neutral) to 65 (Greed) in the Past Two Days. NTHONY POMPLIANO TOLD CNBC on June 21 that he extens a tug of war investors and Wall Street:
“Our institutions and individuals are scrambling to get a piece of the next 21 million bitcoins. 15 years of retail investors have now jumped ahead, accumulating all the bitcoins that have been mined and put into circulation, but Of these, 68% have not moved within a year.” “People forget that Bitcoin’s market cap went from $0 to almost $1 trillion with almost no institutional participation,” Pompliano tweeted on June 21.
So, when “Wall Street and BlackRock show up in the market,” Pompliano expects Bitcoin to become “highly illiquid” because retailers “don't want to sell to Wall Street,” he added in an interview with CNBC. Meanwhile, Bitcoin analyst and 21st Paradigm founder Dylan LeClair explained that Bitcoin's price is now “extremely inelastic” “more so than ever in recent ETF filings.” Even more inelastic”, these applications became the “catalyst” for a large number of bitcoin transactions. New money flows into the market.
However, LeClair does not expect the SEC to approve any ETF applications until January or February 2024 at the earliest.
