The ongoing bitcoin bull market has been nothing short of amazing. Retail interest during the last cycle brought the cryptocurrency only so far, and this cycle, retail plus institutions have pushed the price per coin to new heights.
However, new data insights from OKEx partner analytics firm Catallact, revealed that retail investors bought the most of the BTC amidst widespread crypto market FOMO. Here’s why this is just the start of what’s to come in the world world of cryptocurrencies.
World-Leading Crypto Exchange OKEx Reveals Shocking Bitcoin Report
OKEx has become an all-in-one suite of cryptocurrency products and services, ranging from a world-class exchange and trading platform to a DeFi service, educational tool, and much more.
As part of its global expansion, the company has regularly released detailed reports on important aspects of the crypto market. The latest information offers an in-depth look at how retail investors have impacted the recent Bitcoin bull market, alongside institutions that were believed to be buying the most coins.
Data also suggests that retail addresses holding BTC have increased substantially, although these holders are typically working with smaller amounts at $60,000 per coin and are holding, not sending any BTC. Transactions across retail are way down, but this isn’t always a bad sign.
The movement of coins to professional custody accounts has spiked, suggesting that institutions are contributing more overall to the ecosystem. Still, the other data shows that retail traders have bought more BTC overall.
Retail Investors Outbuy BTC Against Competition From Institutions
Retail investors were behind the last bull market cycle, and while it seems they’re later to this market cycle compared to institutions, they are most certainly there and making their presence known.
Retail investors, according to JP Morgan, had purchased over 187,000 coins in Q1 2021 alone. This is more than the 172,648 coins purchased by institutions, “as per data from fund flows, CME Bitcoin futures positions and company announcements,” the report reads.
The data was extrapolated from Square and PayPal retail user data.
Why More Retail FOMO Is On The Way
If Square and PayPal’s interest has already contributed to such growth, then the added 77 million users now exposed to Bitcoin and other cryptocurrencies through Venmo will push more FOMO in the future.
Venmo is owned by PayPal and just followed the parent company’s lead by allowing its users to access crypto. Mainstream platforms aren’t the only ones benefiting from the recent bull market. Investors and traders are doing well also, according to growing trading volume across the board.
Trading volume and new user registration on OKEx is soaring. To learn more about the report and all that OKEx has to offer, visit the official blog.
by Bitcoinist via Bitcoinist.com
Comments
Post a Comment