Bitcoin To Witness Increased Accumulation, Says Gemini’s Winklevoss

The crypto space is witnessing growing optimism on Bitcoin exchange-traded funds as more companies are filling for a BTC Spot ETF.

Also, the primary crypto asset has remained bullish in the price trend over the past few weeks. The founder of Gemini, Cameron Winklevoss, believes that Bitcoin has entered into its great accumulation phase. 

Bitcoin Is Entering A Great Accumulation

Gemini’s founder, Cameron Winklevoss, took to Twitter on June 21 to relate the increasing frenzy surrounding the Bitcoin Spot ETF. He thinks Bitcoin is experiencing ‘The Great Accumulation’ involving retail and institutional investors.

Winklevoss stated: “The Great Accumulation of Bitcoin has begun. Anyone watching the flurry of ETF filings understands that window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast…”

Winklevoss mentioned that investors who intend to purchase Bitcoin should quickly do so before the price of Bitcoin skyrockets.  Notably, the crypto space has witnessed a spark in the number of companies filing for a Bitcoin Spot ETF in June 2023. 

Last week seemed to be the peak as more firms submitted their application to the United States Securities and Exchange Commission (SEC). Some companies include Valkyrie, Fidelity, Wisdom Tree, and Invesco.

The newest firm to join the filing train is the largest global asset manager BlackRock. Several analysts think that BlackRock’s interest in BTC ETF created a spike in the crypto asset price.

Further, in his statement, Winklevoss tried to compare the place of the primary crypto asset in both the present and past decades.  According to his explanation, the founder of Gemini noted BTC as the ‘most obvious and best investment’ during the past decade.

Winklevoss also believes that Bitcoin has not lost its place regarding investment. He maintained that the token is still ‘the most obvious and best trade of this decade.’ 

Reactions Surrounding The Recent BTC Price Surge And Increasing Filing For BTC Spot ETF

Bitcoin’s price has been following an upward trend recently. At the time of writing, BTC is trading at around $29,954.43, indicating a surge of about 0.35% over the past 24 hours. 

Also, Bitcoin has been showing an impressive performance recently, with the token hitting the $30,000 mark. Its 7-day price action shows that Bitcoin increased by over 20%. Michael Saylor, the Executive Chairman of MicroStrategy, expressed one-sided thought in his comment. 

Saylor stated that the window to access BTC on front-run demand would soon end. This suggests that retail investors may become dormant on Bitcoin trades as institutional demand takes over.

Also, in an interview with CNBC on June 21, Anthony Pompliano, a renowned Bitcoin investor, stated how investors reacted to the BTC price rally. Pompliano noted that there could be a tug-of-war between retail investors and Wall Street giant companies.