According to industry experts, renewed optimism about the approval of a Bitcoin ETF (bitcoin), leading many large entities to hoard cryptocurrency.
Last week Fidelity, Invesco, Wisdom Tree and valkyries Following investment giant BlackRock, it has filed a spot Bitcoin ETF application with the US Securities Exchange Commission. According to some analysts, that would be the reason Recent increase in BTC priceover $30,000 yesterday.
“Five applications for a Bitcoin ETF in five days!
- Black Rock
- Wisdom Tree
5 Bitcoin ETF applications in 5 days!
– Black Rock
— Lark Davis (@TheCryptoLark) 21 June 2023
Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, ha Announced on 21 June to believe it “Big Savings100 percent of Bitcoin has already started among institutions and individual investors.
According to him, now, buying BTC before ETFs hit the market is comparable to taking part in an IPO:
“Bitcoin has started the Big Surge. Before the ‘IPO’ – before ETFs were launched and then this asset was made available to large investors – look at the wave of ETF applications to understand that the BTC buying window was closing fast.
Bitcoin was the most obvious and best investment of the previous decade; It will probably be the most obvious and best investment of this decade as well.”
The Great Accumulation of Bitcoins has begun. Anyone who watches the flurry of ETF filings understands that the window to buy bitcoin pre-IPO is quickly closing before ETFs go live. If Bitcoin is the most obvious and best investment of the previous decade, this is…
—Cameron Winklevoss (@cameron) 21 June 2023
CEO of MicroStrategy, Michael Saylorshares the opinion of Cameron Winklevoss. He suggested that rising institutional demand could pull retail investors aside:
“The window for predicting institutional demand for Bitcoin is closing.”
Bitcoin is currently trading at around $30,111. In the past two days, the Crypto Fear and Greed Index has increased from 49 (Neutral) to 65 (Greed).
In an interview that aired on CNBC on June 21Prominent pro-BTC investor Anthony Pompliano predicted a rift between retail investors and Wall Street:
“We have institutions and individuals striving to get a share of the 21 million Bitcoins that will exist in the future. The individual investor has a 15-year advantage, he has accumulated all the BTC mined and put into circulation. However, 68% of these funds have not moved in a year.”
from twitterPompliano added: “People forget that Bitcoin’s market cap went from zero to nearly $1 trillion with almost no institutional involvement.“
Then, When “Wall Street and BlackRock will enter the market,“BTC will be suddenly”quite illiquid“ Why individual investors?They don’t want to sell to Wall Street.“
“BlackRock came out of nowhere and Bitcoin grew 20% in a week. People forget that the market cap of Bitcoin went from zero to nearly $1 trillion with almost no institutional involvement.
If individual investors could reach $1 trillion, what do you think would happen when big money kicks in?”
BlackRock has emerged and bitcoin is up 20% over the week.
People forget that bitcoin went from $0 to nearly $1 trillion with almost no institutional involvement.
If individual investors are good for $1 trillion, what do you think happens when deep pockets come into play?
— Pomp (@APompliano) 21 June 2023
But Dylan LeClairAnalyst and founder of 21st Paradigm No ETF applications will be approved by the SEC before January or February 2024:
“Bitcoin’s supply is extremely inelastic, now more than ever.
A spot ETF is a catalyst for the massive amount of new inflows to come to the market – it not only changed the narrative about the asset but also encouraged others to forecast future flows. […]
Having said that, I doubt the ETF will be approved anytime soon. I would say the approval will come in January/February 2024, but I could be wrong.”
Bitcoin’s supply is extremely inelastic, currently more than ever.
A spot ETF is clearly a catalyst for the entry of large volumes of new flows into the market, which not only changes the narrative but prompts others to highlight those future flows.
TLDR: Submit. pic.twitter.com/Jd8Gm8o3Mx
— Dylan LeClair (@DylanLeClair_) 21 June 2023