On Friday, Bitcoin Fear & Greed Index entered the “fear” zone, dropping to 37, according to CryptoQuant data.
Source: CryptoQuant
However, on Saturday morning, the index shows signs of recovery, staying in the neutral zone. At press time, BTC Fear & Greed Index is at 47, which is considered mild.
The flagship cryptocurrency has risen 1.15% since then and is now traded at $62,222.
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Source: CoinMarketCap
U.S. job market: New hope
Bitcoin surged 3% on Friday, surpassing $62,000, buoyed by a stronger-than-expected U.S. jobs report.
The report showed the creation of 254,000 jobs in September, significantly above economists' forecast of 140,000, signaling a robust U.S. economy.
The unemployment rate also dropped to 4.1% in August, from 4.2%. With inflation slowing, the data lessens the likelihood of further aggressive rate cuts by the Federal Reserve.
Institutional investors buying dip?
According to a Farside Investors report, BlackRock was the only asset manager to buy Bitcoin during this period, purchasing $40.8 million worth of BTC Oct. 1.
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Wed, 10/02/2024 - 15:13BlackRock Bitcoin ETF Continues to Buy Dip
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In contrast, other major funds like WisdomTree's BTCW, CoinShare Valkyrie's BRR, Franklin Templeton's EZBC and Invesco's BTCO made no transactions.
Meanwhile, VanEck's HODL, Ark's ARKB, Bitwise's BITB and Fidelity's FBTC sold significant amounts of BTC, offloading $15.8 million, $84.3 million, $32.7 million and $144.7 million, respectively.
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