Gemini co-founder Cameron Winklevoss said that Bitcoin's $80,000 was mainly driven by sustained institutional demand through spot Bitcoin ETFs, rather than retail investor activity.
He believes that this "sticky" demand from institutional investors is a sign of long-term bullish sentiment and that the current market cycle is still in its early stages.
Winklevoss said: "Bitcoin's path to $80,000 was paved with steady ETF demand. Not retail FOMO. There is no fanfare. People are buying ETFs, not selling them. This is sticky HODL-style capital. The floor price keeps rising, we just won the coin toss, and the game hasn't really started yet." (Crypto Briefing)