On Friday, the Bitcoin Fear & Greed Index dropped into the “fear” zone, hitting 37, according to CryptoQuant data. By Saturday morning, the index showed signs of recovery, moving back into the neutral zone. At the time of reporting, the BTC Fear & Greed Index stands at 47, indicating a mild sentiment.Since then, Bitcoin has gained 1.15% and is currently trading at $62,222.
U.S. Job Market: Renewed Optimism
Bitcoin jumped 3% on Friday, climbing above $62,000, following a stronger-than-expected U.S. jobs report.
The report revealed 254,000 new jobs created in September, far exceeding economists’ projections of 140,000, pointing to a resilient U.S. economy. Additionally, the unemployment rate dropped from 4.2% in August to 4.1%. With inflation cooling, this data reduces the likelihood of further aggressive interest rate cuts by the Federal Reserve.
Institutional Investors Buying the Dip?
According to a Farside Investors report, BlackRock was the only asset manager to purchase Bitcoin during this period, acquiring $40.8 million worth of BTC on October 1.
In contrast, other major funds, such as WisdomTree’s BTCW, CoinShares Valkyrie’s BRR, Franklin Templeton’s EZBC, and Invesco’s BTCO, made no Bitcoin transactions. Meanwhile, VanEck’s HODL, Ark’s ARKB, Bitwise’s BITB, and Fidelity’s FBTC collectively sold significant amounts of BTC, offloading $15.8 million, $84.3 million, $32.7 million, and $144.7 million, respectively.