Bitcoin’s rally to $80k not driven by retail FOMO, Gemini’s Winklevoss says

As Bitcoin reached a new all-time high, Cameron Winklevoss, co-founder of Gemini, suggested the true rally may still be ahead. In a post on X (formerly Twitter) on November 11, he dismissed theories that the price surge above $80,000 was driven by retail investors. Instead, Winklevoss speculated that steady ETF demand was the likely cause.

He explained, “People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising.” By this, he meant that the capital coming from Bitcoin ETFs is more stable and less likely to be sold quickly, which helps support Bitcoin’s price floor over time. Winklevoss emphasized that the current price surge might just be the beginning of a longer-term rally, though he didn’t give a specific timeframe for when retail traders might re-enter the market.

Cameron Winklevoss’ comments align with the growing optimism from other analysts and traders who believe Bitcoin’s rally could push it beyond $100,000. Notable figures like Dan Tapiero, CEO of 1RoundTable Partners, are even more bullish, with Tapiero speculating that Bitcoin could eventually reach $350,000 in the long run.

However, some cautionary voices remain. Ki Young Ju, CEO of CryptoQuant, warned that Bitcoin futures indicators appear “overheated,” potentially signaling a correction. In a post on X (formerly Twitter) on November 9, Ki suggested that the price could dip to around $58,974 before any further upward momentum resumes.

As of the latest data, Bitcoin is trading at $80,974, with a market capitalization exceeding $1.6 trillion, maintaining its bullish momentum despite the cautionary outlook.