• Bitcoin ETF filings are helping to boost the price of Bitcoin.
• Cameron Winklevoss believes that “The Great Accumulation” of Bitcoin has begun between institutions and retail investors.
• Michael Saylor suggests that retail investors may be pushed aside by increasing institutional demand for Bitcoin.
Bitcoin ETFs Boosting Price
Recently renewed optimism for an approved Bitcoin (BTC) spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” 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 believe is the reason for Bitcoin’s 19% price surge to $30,240 since June 16.
The Great Accumulation Begins
Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, stated on June 21 that he believes “The Great Accumulation” of Bitcoin has begun between institutions and retail investors. 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 “floodgates” for buying Bitcoin are “closing fast.”
Increasing Institutional Demand
Michael Saylor Executive Chairman of MicroStrategy weighed in on the subject in his own post, suggesting that retail investors may soon be pushed aside by increasing institutional demand: “ The window to front-run institutional demand for Bitcoin is closing.”
CNBC Interview with Anthony Pompliano
In a June 21 interview with CNBC, Bitcoin investor Anthony Pompliano said he expects a tug-of-war to play out between retail investors and Wall Street: “We have institutions and individuals scrambling to try to get their share of the 21 million bitcoin that will ever be in existence.”
Fear & Greed Index at 65
Bitcoin is currently trading hands for $30,240 while the Crypto Fear & Greed index has skyrocketed from 49 (Neutral) two days ago up to 65 (Greed).