Since mid-December 2024, retail investors have significantly increased their Bitcoin purchases, coinciding with a notable rise in cryptocurrency prices at the year's end.
Increase in Retail Investors' Bitcoin Purchases
According to Glassnode, retail investors holding about one Bitcoin began accumulating the cryptocurrency more rapidly. Since mid-December, they have been purchasing an average of 10,627 Bitcoins per day, equivalent to $1,055,958,762 at the current exchange rate. This pace is 72% faster compared to the previous year, where an average of 6,177 Bitcoins were purchased daily, amounting to $613,781,620 in fiat.
Bitcoin Responds to US Employment Report
The newly released US employment report showed that in January, the number of new jobs was 143,000, below the expected 169,000. According to Colin Wu, this is the lowest result since October last year. The unemployment rate was 4%, expected to be 4.10%. Traditionally, lower job figures cause investors to shy away from traditional assets, making Bitcoin more attractive.
Impact on Cryptocurrency Price
Following the release of the employment report, Bitcoin's price surged by 3.60%, reaching the $100,000 mark. However, a red candle followed on the hourly chart, and at the time of writing, Bitcoin is trading at $98,544 per coin.
The analysis shows that the increase in Bitcoin accumulation by retail investors occurs amid economic changes and affects cryptocurrency price dynamics.
