- Invesco, Valkyrie, Fidelity, Wisdom Tree, BlackRock filed for a Bitcoin spot ETF
- Bitcoin surged 20%, greed index in greed level for the first time since May
- Pompliano says retail investors don’t want to sell to Wall Street
Invesco, Valkyrie, Fidelity, and Wisdom Tree followed in the footsteps of giant BlackRock in filing for a Bitcoin spot ETF with the US Securities Exchange Commission, which has contributed to the flagship crypto’s almost 20% price surge over the past week. Bitcoin greed index jumped to the greed level for the first time since May.
Gemini crypto exchange cofounder Cameron Winklevoss termed this development “The Great Accumulation” of Bitcoin, which is seeing retail investors compete with institutions, Cointelegraph reported.
Not unlike a pre-IPO
According to Winklevoss, buying Bitcoin before the ETFs launch publicly is not unlike a pre-Initial Public Offering purchase. He stated that the “floodgates” for buying the crypto are “closing fast.”
Institutions are pushing retail investors aside
MicroStrategy Executive Chairman Michael Saylor tweeted that rising demand from institutions will soon push retail investors to the wayside.
The Pomp predicts tug-of-war
In an interviewwith CNBC, Bitcoin investor Anthony Pompliano predicted a “tug-of-war” between Wall Street and retail investors. He said:
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 had 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. People forget that Bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation.
He expects the flagship crypto to become very illiquid when BlackRock and Wall Street enter the market because individuals don’t want to sell to Wall Street.
Extremely elastic price
According to Bitcoin analyst Dylan LeClair, Bitcoin’s price is “extremely inelastic” at the moment, more inelastic than ever before. The flurry of ETF filings has pushed huge amounts of new flows into the market. He predicted the SEC would not approve any ETF applications before February next year.
