Retailers are rushing to buy bitcoins from major tech companies, according to a study by strategists at major US investment bank JPMorgan Chase.
Data from JPMorgan shows that retail investors bought more than 187,000 bitcoins through PayPal and Square this quarter.
Small investors are even outsiders: Analysts at JPMorgan estimate that 173,000 BTC were purchased in the same period.
To support its findings, JP Morgan analyzed fund flows from retail platforms and institutional vehicles such as the Chicago Mercantile Exchange, as well as announcements of BTC purchases by large funds.
Ed Moya, senior market analyst at Oanda Corp, attributed retail activity to social media, the current NFT craze and incentive payments. He told Bloomberg:
As the supply of Reddit-fueled memes cools and new releases like digital art break records, retailers – some now armed with 1,400 incentive checks – are taking control.
He added that while the membrane stock market burned many traders, bitcoin remained massively bullish and was their bread and butter during the pandemic.
Brian Wendig, president of MJP Wealth Advisors, suggested that demand from individuals was driven by the fear of missing out (FOMO) following the recent deluge of institutional investment in bitcoin.
Data from crypto market aggregator Glassnode seems to confirm that retail investors are quite profitable. The 15th. In March, Glassnode noted an increase in net business growth in 2021, adding:
This is a strong indication that new retail investors are entering the field.
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