Crypto industry experts and influencers were quick to embrace the latest wave of positive market sentiment.

On June 21, Bitcoin pioneer and entrepreneur Anthony Pompliano spoke to CNBC about the recent market momentum. He compared the great space race to what is happening in crypto now: the “Great Accumulation Race.”

“Institutions and individuals are all scrambling to get their share of the 21 million Bitcoin that will ever be in existence.”.

He added that retail investors had a head start and have accumulated all the BTC that has been produced so far. However, he noted that 68% of all that circulating Bitcoin has not moved within a year.

He said that with Wall Street now showing an interest, BTC hodlers are reluctant to sell to them. “When you have a fixed supply asset that’s highly illiquid and a bunch of demand comes into the market, the price has to go up,” he said.

“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.”

Several high-profile financial institutions have applied for Bitcoin exchange-traded funds over the past week. The world’s largest asset manager BlackRock is among them. However, the Securities and Exchange Commission has yet to approve a spot BTC product.

Many prominent industry analysts believe that the SEC’s crackdown on exchanges such as Binance, Coinbase, and Kraken is part of a wider move to wrest control of crypto for Wall Street.

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