Gemini co-founder: Bitcoin bullish, driven by demand for physical ETFs... early bull market

According to reports, the previous day Bitcoin surpassed the $80,000 mark for the first time in history, and the sudden rise in Bitcoin was not due to the large-scale participation of individual investors as in the past, but rather to Bitcoin current investors.
The analysis said that this is the result of an inflow of institutional funds through exchange-traded funds (ETFs). Cameron Wink Lebos, co-founder of the US virtual asset exchange Gemini, said that he is a former CEO of X (formerly Twitter).
"Bitcoin's breakthrough to $80,000 is not a rally driven by individual investors feeling afraid of being left behind in the market (FOMO)," he said.
Regarding the bullish trend of Bitcoin exceeding $80,000, he said, "This is the result of institutional funds flowing into Bitcoin spot ETFs," and "This is the result of people deciding to hold ETFs for the long term.
"This shows that institutions are putting capital into the mix and we are still in the early stages of the cycle."