Bitcoin (CRYPTO: BTC) may be trading nearly 50% below its 2025 highs, but Gemini co-founder Cameron Winklevoss sees the pullback as a rare opportunity.

However, on-chain data paints a different picture.

Buy The Dip, But When’s the Future?

"The AI trade has given the world a time machine to go back in time and invest in Bitcoin at $65,000," Winklevoss said in an X post on Aug.18.

He noted that when Bitcoin traded around $120,000 a year ago, investors likely would have jumped at the opportunity to buy it at roughly half that price.

Winklevoss called the current environment an “unprecedented time to buy the dip, hiding in plain sight.”

He remains curious on when Bitcoin will "go back to the future."

Trader SunnyPo jokingly countered that Bitcoin could still be trading around $126,000 in 2030, roughly where it stood in October 2025.

Another trader, GeoffB, highlighted the potential opportunity from buying the dip, a view Winklevoss agreed with.

Did BTC Buying Spike or Hit Exhaustion?

CryptoQuant data, however, suggests investors aren’t rushing to capitalize on lower prices yet. Bitcoin may look historically cheap to long-term bulls, but the market is still waiting for demand to prove it.

The 30-day average Taker Buy Volume on Binance has dropped toward $3.3 billion, reaching a zone previously seen around the late-2020 reset, the 2022 cycle bottom and the 2023 consolidation.

The divergence, highlighted on Aug.18, is notable because Bitcoin is trading around $64,800 while aggressive market-buying activity has fallen to levels previously associated with substantially lower BTC prices.

The data points to fading speculative demand, lower urgency among buyers and weakening market conviction.

However, CryptoQuant cautioned that depressed Taker Buy Volume represents a condition rather than confirmation of a bottom.             

Image: Shutterstock