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Prominent on-chain data agency Glassnode has published a tweet, revealing that since mid-December last year, retail investors have started accumulating Bitcoin much faster than before. This coincided with notable price surges of the world’s flagship cryptocurrency during the last month of 2024.
Meanwhile, Bitcoin price has reacted to the released US jobs report, regaining the $100,000 price level.
Yuri MolchanRetail investors stacking a lot of BTC daily
Glassnode has revealed that retail investors (who are holding slightly less or slightly more than one Bitcoin) have accelerated accumulating BTC recently. Since the middle of December, they have been stacking 10,627 Bitcoins per day. That constitutes $1,055,958,762 at the current BTC/USD exchange rate.
This accumulation pace is roughly 72% faster than what they bought per day on average last year – 6,177 BTC daily. This amount of Bitcoin is currently worth $613,781,620 in fiat.
Bitcoin reacts to employment report
The just released non-farm payrolls report has shown that in January the number of jobs constituted 143,000, which was lower that anticipated by experts – 169,000. This has been the lowest result since October last year, according to the data provided by crypto market commentator and journalist Colin Wu.
Traditionally, lower jobs report causes investors to turn away from traditional safe-haven assets and makes Bitcoin more attractive for them. As the report was released, the world’s largest cryptocurrency BTC surged by 3.60% to briefly the $100,000 mark.
However, a red candle followed on an hourly chart and at the time of this writing, Bitcoin is changing hands at $98,544 per coin.
Tomiwabold Olajide
Yuri Molchan
Dan Burgin
Vladislav Sopov