On Friday, the Bitcoin Fear and Greed Index entered the “fear” zone, dropping to 37, according to CryptoQuant data.
Source: CryptoQuant
However, the index on Saturday morning showed signs of recovery and remained in the neutral zone. At the time of writing, the BTC Fear & Greed Index is at 47, which is considered benign.
The flagship cryptocurrency has since gained 1.15% and is currently trading at $62,222.
Source: CoinMarketCap
US job market: new hope
Bitcoin rose 3% to above $62,000 on Friday, supported by better-than-expected U.S. jobs data.
The report showed that 254,000 jobs were created in September, well above the 140,000 that economists expected, suggesting a robust U.S. economy.
The unemployment rate also fell from 4.2% to 4.1% in August. With inflation slowing, the data discourages further aggressive interest rate cuts by the Federal Reserve.
Are institutional investors buying on the spur of the moment?
According to a report from Farside Investors, the only asset manager to purchase Bitcoin during this period was BlackRock, which purchased $40.8 million worth of BTC on October 1st.
related
In contrast, other large funds such as WisdomTree’s BTCW, Coinshare Valkyrie’s BRR, Franklin Templeton’s EZBC, and Invesco’s BTCO did not trade.
Meanwhile, VanEck’s HODL, Ark’s ARKB, Bitwise’s BITB, and Fidelity’s FBTC sold a large amount of BTC, selling $15.8 million, $84.3 million, $32.7 million, and $144.7 million, respectively.
