Gemini Founder Bullish on Bitcoin at $65K, On-Chain Data Suggests Otherwise

Bitcoin is down nearly 50% from its 2025 highs, but Gemini co-founder Cameron Winklevoss sees this pullback as a rare opportunity.

However, on-chain data paints a different picture.

Buying the Dip, But When in the Future?

"AI trading gave the world a time machine to invest in Bitcoin at $65,000," Winklevoss said in an August 18 X post.

He noted that when Bitcoin was trading near $120,000 a year ago, investors might be eager to buy at roughly half that price.

Winklevoss described the current environment as an "unprecedented opportunity to buy the dip, hiding in plain sight."

He remains curious about when Bitcoin will "return to the future."

Trader SunnyPo jokingly countered that Bitcoin could still be trading around $126,000 in 2030, roughly equivalent to October 2025 levels.

Another trader, GeoffB, highlighted the potential opportunity in buying the dip, and Winklevoss agreed.

Bitcoin Buying Surge or Weakness? However, CryptoQuant data suggests investors have yet to rush to take advantage of lower prices. For long-term bulls, Bitcoin may look historically cheap, but the market is still waiting for demand to prove it.

The 30-day average Taker Buy Volume on Binance has fallen to $3.3 billion, hitting levels seen during the 2020-end reset, the 2022 cycle bottom, and the 2023 consolidation.

This divergence is notable because Bitcoin trades around $64,800, while active market buying activity has dropped to levels associated with significantly lower Bitcoin prices.

The data points to weakening speculative demand, reduced buyer urgency, and waning market confidence.

However, CryptoQuant warns that low Taker Buy Volume represents a condition rather than a bottom confirmation.