The Bitcoin Fear & Greed Index recently dropped into the "fear" zone, but soon recovered to "neutral" thanks to positive US job market news.

Bitcoin Fear & Greed Index

On Friday, the Bitcoin Fear & Greed Index fell to 37, indicating "fear" in the market. However, on Saturday, it showed signs of recovery, reaching a neutral zone at 47. As of press time, the leading cryptocurrency has risen 1.15% and is trading at $62,222.

Impact of US Job Market Data

Bitcoin surged 3% on Friday, surpassing $62,000, buoyed by a stronger-than-expected US jobs report. The report showed the creation of 254,000 jobs in September, significantly above economists' forecast of 140,000, signaling a robust US economy. The unemployment rate also dropped by 0.1% to 4.1%, which, coupled with slowing inflation, reduces the likelihood of further aggressive measures by the Federal Reserve.

Actions of Institutional Investors

According to a Farside Investors report, BlackRock was the only asset manager to buy Bitcoin during this period, purchasing $40.8 million worth of BTC on October 1. In contrast, other major funds like WisdomTree, CoinShare, and Franklin Templeton made no transactions, while VanEck, Ark, Bitwise, and Fidelity sold significant amounts of BTC.

The cryptocurrency market is showing rapidly changing dynamics, mainly reacting to economic events in the US. Institutional investors are taking different positions, demonstrating diverse approaches to asset management in the current economic climate.