According to research by strategists at leading U.S investment bank, JPMorgan Chase, retail traders are flocking to buy Bitcoin from mainstream fintech firms.
JPMorgan’s data suggests that retail investors have purchased more than 187,000 Bitcoin this quarter using PayPal and Square.
Retail investors are even out-buying institutions, with JPMorgan’s analysts estimating institutions have purchased 173,000 BTC over the same period.
JP Morgan has analyzed fund flows from retail platforms and institutional vehicles such as the Chicago Mercantile Exchange, as well as announcements from large funds on BTC purchases to inform its findings.
Senior market analyst at Oanda Corp, Ed Moya, attributed the retail activity to social media, the current NFT craze, and stimulus payouts. He told Bloomberg:
“Now, with the Reddit-fueled meme stock craze cooling and novelties such as digital artwork setting records, retail traders — some now armed with $1,400 stimulus checks — are taking control.”
He added that while “meme-stock” trading burnt many retail traders, Bitcoin has remained overwhelmingly bullish and has been their “bread and butter” during the pandemicTitle: Retail traders buying more Bitcoin than institutions: JPMorgan
Sourced From: cointelegraph.com/news/retail-traders-buying-more-bitcoin-than-institutions-jpmorgan
Published Date: Wed, 17 Mar 2021 05:02:13 +0000
More Stories
200 smart contracts on Cardano… but there’s a catch
BBA pushes for crypto regulatory clarity in Massachusetts
Axie Infinity (AXS) gains over 45%, but ‘death cross’ fears persist