Following a surge in Bitcoin prices, industry leaders rushed to share their insights on the matter.
Bitcoin's recent bullish move, spurred by renewed hopes for the launch of a Bitcoin (BTC) spot exchange-traded fund (ETF), marks the onset of a significant phase referred to as “The Great Accumulation Race.”
On June 21st, several crypto industry leaders shared their insights on the most recent surge in BTC prices.
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A wave of positive anticipation has been building up within the Bitcoin market due to significant interest shown by investment giants like Fidelity, Invesco, Wisdom Tree, and Valkyrie. These firms have now joined the ranks of BlackRock in pursuing a Bitcoin spot ETF application with the US Securities Exchange Commission.
Analysts attribute the sharp 21% increase in Bitcoin's price over the last week to the above-mentioned reason. At the time of writing, Bitcoin retails for $30,315.04, recording a 5% increase in the last 24 hours.
Cryptocurrency exchange Gemini's co-founder, Cameron Winklevoss, weighed in on this development on June 21st. The man asserted that "The Great Accumulation of Bitcoin has begun." The phenomenon is characterized by an intense buying wave from institutional and retail investors.
He likened the current scenario of purchasing Bitcoin before ETFs arrived on the public trading scene to procuring stocks in a pre-Initial Public Offering (IPO) stage. He believes that the opportunities for Bitcoin investment are rapidly diminishing, indicating the swift closure of the "floodgates."
MicroStrategy's Executive Chairman, Michael Saylor, took a moment to share his perspective on this trend. In his statement, he suggested that the growing institutional interest might soon outpace and sideline retail investors.
During an interview on June 21st with CNBC, Anthony Pompliano, a Bitcoin investor, stated that he foresees an intense struggle for dominance between retail investors and the Wall Street juggernaut.
We 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’s been mined and put into circulation, but 68% of that hasn’t moved in a year.
He predicts that when Wall Street behemoths like BlackRock enter the market, Bitcoin's liquidity might drastically reduce as retail investors may resist selling their holdings to institutional investors.
Meanwhile, Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm, described these filings as a "catalyst" that drives massive new capital inflows into the Bitcoin market. However, LeClair speculates that the SEC may not give the green light to any ETF application until the early months of 2024, at the soonest.
Following the surge in Bitcoin prices, the Crypto Fear and Greed index, a measure of market sentiment, has seen a sharp increase from 49 (Neutral) on June 20th to 65 (Greed) on June 22nd.
Bitcoin's recent rally and the anticipation of Bitcoin ETFs approval has triggered what experts call "The Great Accumulation of Bitcoin," suggesting an intense battle between institutional and retail investors.
