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There has been a fresh wave of optimism regarding a Bitcoin spot exchange-traded fund (ETF) which has shot the interest in the leading cryptocurrency. Experts and advocates in the industry are calling the new spike in Bitcoin trading and buying the “Great Accumulation”.
In the past week, significant firms including Black Rock, Fidelity, Wisdom Tree, Invesco, and Valkyrie apply through the United States Securities and Exchange Commission (SEC) for a Bitcoin spot ETF. Within the last week, Bitcoin has shot up by more than 20% to reach a value of over $30,000.
5 Bitcoin ETF applications in 5 days!
– Blackrock
– Fidelity
– Invesco
– Wisdom Tree
– Valkyrie— Lark Davis (@TheCryptoLark) June 21, 2023
The twin co-founder of the Gemini cryptocurrency exchange suggested that this has sparked a race of Bitcoin accumulation between investors and firms.
The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this…
— Cameron Winklevoss (@cameron) June 21, 2023
Both crypto commentator and Bitcoin investor Anthony “Pomp” Pompliano and MicroStrategy CEO and well-known Bitcoin bull Michael Saylor believe that this will result in a tipping point between retail investors and institutional investors. In a CNBC interview, Pomp stated that there is a scramble to get a share of Bitcoin with the finite cap of 21 million that will ever be created. The retail investors have had a head start in buying and accumulating the Bitcoin that has been mined, but there will be competition for the rest of the Bitcoin that has been mined and the portion in circulation that hasn’t been moved in the last year.
The Great Accumulation Race is underway.
Institutions and individuals are competing for their share of the 21 million bitcoin.
Always enjoy taking with @SullyCNBC pic.twitter.com/faUMVNcvZy
— Pomp 🌪 (@APompliano) June 21, 2023