As Bitcoin reached a new all-time high, Gemini co-founder Cameron Winklevoss suggested the real rally is yet to come.

Bitcoin (BTC) has still room to grow as the recent spike to a new all-time high was not driven by retail fear of missing out, Gemini‘s co-founder Cameron Winklevoss speculates.

In an X post on Nov. 11, he rebuffed theories that the price spike above $80,000 was fueled by retail investors, implying that the surge was likely triggered by “steady ETF demand.”

“People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising.”

Cameron Winklevoss

Although Winklevoss provided no timeframe nor scenario for retail traders’ comeback, he noted that Bitcoin’s surge is barely the beginning of a new rally, though Winklevoss did not specify a timeline for when retail traders might return.

Cameron Winklevoss’ comments echo expectations from other analysts and traders who expect that Bitcoin’s rally could push it past the $100,000 mark. Some, like Dan Tapiero, CEO of 1RoundTable Partners, expect Bitcoin could exceed $100,000, with Tapiero eyeing $350,000 in the long term.

However, some caution remains. CryptoQuant CEO Ki Young Ju warned of potential market corrections, citing “overheated” indicators in Bitcoin futures. In a Nov. 9 post on X, he particularly noted that a correction could bring Bitcoin’s price down to $58,974 before the rally potentially extends.

As of press time, Bitcoin is trading at $80,974, with a market capitalization exceeding $1.6 trillion.