In a delightful twist of fate, the illustrious on-chain data agency, Glassnode, has taken to the Twitterverse to announce that since the middle of December last year, retail investors have been accumulating Bitcoin at a pace that would make even the most seasoned hoarder blush. This sudden burst of enthusiasm coincided with some rather impressive price surges of our dear friend, Bitcoin, during the last month of 2024. Who knew that a little price action could turn the average Joe into a crypto connoisseur? 🤑
Meanwhile, Bitcoin, in a fit of excitement, has reacted to the freshly minted US jobs report, bouncing back to the illustrious $100,000 price level. It’s as if the cryptocurrency had a pep talk with itself! 🎉
Retail Investors Stacking BTC Like There’s No Tomorrow
According to the ever-reliable Glassnode, our retail investors—those charming folks holding just a smidgen more or less than one Bitcoin—have been on a stacking spree, hoarding a staggering 10,627 Bitcoins per day. That’s a jaw-dropping $1,055,958,762 at the current BTC/USD exchange rate. Talk about a shopping spree! 🛒💸
This frenetic accumulation is a whopping 72% faster than their previous average of 6,177 BTC daily last year. To put it in perspective, that’s a cool $613,781,620 in fiat currency. I daresay, if they keep this up, they might just need a bigger wallet! 😅
Since mid-December, retail investors (≤1 $BTC) have been accumulating #Bitcoin at an accelerated pace, stacking an average of 10,627 BTC per day – 72% faster than the past year’s average (6,177 #BTC/day):
— glassnode (@glassnode) February 7, 2025
Bitcoin’s Reaction to Employment Report: A Rollercoaster Ride
In a plot twist worthy of a soap opera, the freshly released non-farm payrolls report revealed that in January, the number of jobs created was a mere 143,000—lower than the experts’ lofty expectations of 169,000. This marks the lowest result since October last year, as reported by the ever-astute crypto market commentator, Colin Wu. One can only imagine the collective gasp from the financial pundits! 😱
The United States announced that the number of new non-farm payrolls in January was 143,000, lower than the expected 169,000, the lowest since October last year. The unemployment rate in January was 4%, expected to be 4.10%, and the previous value was 4.10%.
— Wu Blockchain (@WuBlockchain) February 7, 2025
Traditionally, a lackluster jobs report sends investors scurrying away from traditional safe-haven assets, making Bitcoin the belle of the ball. As the report hit the airwaves, the world’s largest cryptocurrency, BTC, surged by a delightful 3.60%, briefly flirting with the $100,000 mark. But alas, like a soap bubble, it didn’t last long. A red candle followed on the hourly chart, and as I pen this, Bitcoin is trading at a rather modest $98,544 per coin. Oh, the drama! ðŸŽ
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2025-02-07 18:43